TMZ is reporting that Frank is going to press charges. I highly doubt he will, he will pressured out of it.
I can't see how he'll be pressured out of it. He's been strong enough to come out in an environment that can be very anti-gay, so I certainly think he'd be strong enough to stick to his guns and press charges if that's what he wants to do.
When you've got the likes of Russell Simmons and Jay Z behind you, you've got very little to worry about career wise.