Absolutely.
Funimation is looking at a shitstorm on three fronts.
1. The case at hand. Vic is not suing for wrongful termination (that I know of - apologies in advance if I'm incorrect). However I imagine his lawyers will be able to use this to expand their suit. It isn't uncommon that one bit of wrongdoing uncovers evidence of more, and the legal problems just mushroom from there.
2. The PR of biblical proportions. They'd better hope Nick released everything and didn't decide to, say, wait until next week to release even more. I have no idea if this is the case, but if you want to maximize blood loss, keep ripping the scabs off. Plus, it's fun. Saul Alinsky, Rules for Radicals, #6: “A good tactic is one your people enjoy.”
3. Funimation's biggest problem is no longer just Vic - it's also Toei. Before this, Vic was their biggest risk. Now losing their Toei deal could be as damaging, if not more (sorry, I have no idea how much money they make off the deal)