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..... And what if the accusation isn't credible, and it wouldn't actually hold up in court to fire him because of it?

Even is the accusation isn't credible enough to hold up in court, it might make sense for a company to dismiss an employee (although not always, it depends on the accusations), particularly in at-will employment. Employment is not a court case.

What if the accusation was false and it were made publicly? Or at the very least, if whisperings went around and all my (or your) co-workers found out about the accusation?

"Guilt" in the court of public opinion is a real thing and this industry is smaller than most people realize. You may try to get another job only to find the same people from your previous job are at the new one, know people there, or that word has just gotten around about you whether online and searchable or through word of mouth. Or maybe someone calls a previous employer and they mention why you were let go?

All for something that was false?

Would it count as slander/libel in this case? You could make the argument that it led to lost earnings or whatever too.

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