In my opinion, a lawsuit won't work. About Mr Beall's list, some parts are true, as there are many predatory journals, but there are also a lot that do not deserve to be in his list. Mr Beall disseminated his list via website, so, publishers that feel inappropriately judged by Mr beall should counter-attack via web site also.
I tried to paste websites like this into Mr beall's website, but unfortunately they are removed, instead of defending himself. This make me think that all this counter-webs contain true information, and Mr Beall does not want that the whole world know about his crime.
Therefore, in my opinion, publishers that feel unfairly judged by Mr. Beall, can publish bad facts about Mr Beall in websites. Doing website-war will be more fruitful than a lawsuit.
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