Legal Question in Employment Law in California

I'm afraid it is. An employer can fire you for any reason or no reason at all, as long as it is not due to racial or other illegal discrimination, or in violation of whistle-blower laws or protections.

Mr. McCormick accidentally omitted a couple of words. I think he meant it is "not illegal." If you had an employment agreement that stated you could only be fired "for cause" your employer may have breached the agreement if you did not steal anything. It is unfortunate that you lost your job, but buying the business without any disclosures could have been even worse.