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Counterattack. Definitely.
In this kind of situation, the person who presents the company with the smallest threat in terms of legal action and reputational damage is a lot easier to shaft.
Counter sue for unlawful termination if that's how it goes, or an attempt at constructive dismissal if this ends in warnings/black marks on your employment record. Also for the resultant stress and reputational damage from being subjected to false allegations and the company's failure to protect you from them through a fair investigation. If they slam down on her side without proper investigation then they are effectively facilitating workplace bullying.
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