If it actually did happen then yeah it sucks for him. And I do feel badly about his loss. If it didn't happen he's just making another lie.
I don't think that any of you should really do anything to do the guy. Unless he actually took something from you. You guys get so pissed off about it. Yeah what he did was low and scummy but don't go down to his level. Be a better person... He will get his in time, you do not need to be the ones to perpetuate it though. That will just bring bad karma unto yourself.
Remember the road to hell is paved with good intentions.