I just read that 33 students were suspended. The one who used school equipment to film and edit had been punished as well.
High School Students Suspended for 'Twerking' - ABC News
Also, the students could be punished for violating the sexual harassment rules, due to a male on looker in the video. Apparently it is stated in the rule book that no "provocative" dances are allowed. Grinding, freaking, etc.. are specifically listed. According to this Buzzfeed article the students also sign a portion in the rule book that states they will do nothing disruptive to/at school.
33 High School Students Suspended For Twerking
I wish I could see the video. This is apparently a wealthier zip code than 90210. I'm sure the schools A/V equipment is excellent.