I have been falsely accused of not following the company policy. Might even result in loss of job. If I can prove that what I was not guilty, can I go for defamation?

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Which state are you from? First of all, determine if yours is an 'at will' state. You can try a wrongful termination lawsuit, if you have sufficient proof to support your point. Document everything. And file a complaint with the Equal Employment Opportunity Commission (EEOC). Consult an attorney immediately for detailed guidance.

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