First and foremost get ALL the facts (no rumors or this is what someone told me) and find an ear with your school district, State Board of Education office AND community. I obviously don't know how big your community is but trust me when I tell you it's going to get ugly before it gets better.
This unfortunate issue needs to be brought to the State BOE office mainly to know exactly what your rights are, what CAN be done, if the Principal can do this, how can their office help, and AND your concerns of retalliation. This all needs to be discussed with the School District. DO NOT...
DO NOTgo to a school board meeting with this but call the office for someone to hear out your issue. Enough people feeling the same (or even the former PTO Board) will, or hopefully help get an ear.
This is the time to roll up your sleeves and work towards a solution. Almost kinda "Get R Done"

!
Now, this is also the time to protect your children. Document anything....anything that doesn't seem right. Keep them out of any disscusion or words you have. Nothing scares a child more than talk. Also, kids do talk, my three came home with rumors of our school closing last year and I knew we were in the mist of a long battle (another lllloooonnnggg story) but I assured them they were fine. Teachers, I have comfronted and let them know that this does not include my children, you speak to me and directly me.
Key is organization, being polite but conserned, saving anger and emotions for at home behind closed doors, and most important....keep a level head and mind temper. You will be taken more seriously and listened to.
Please stay strong, there seems to be more to the story than you can share or know yet.
May the force be with you!!!