Sheridan's Latics have taken one point from their last three home games
Oldham Athletic have confirmed reports of players fighting during a night out are to be investigated.
National newspaper reports have claimed manager John Sheridan was also involved during a club night at Belle Vue greyhound racing last week.
A club spokesman told BBC Radio Manchester some players were caught up in angry confrontations.
Chief executive Alan Hardy told the club website: "We cannot discount sacking in this respect."
He added: "The incidents which occurred last Tuesday are certainly disturbing and the board of directors are conducting a full investigation.
"If anyone is found to have been acting inappropriately, thus bringing the club into disrepute, then I would expect the strongest possible action to be taken."
Meanwhile, Sheridan was angry with his players after the weekend defeat at home to Colchester.
He told BBC Radio Manchester: "Let them answer the questions. They're professional footballers, they get paid good money for it.
"I am not going to answer all the time. I am getting sick of answering for them and sticking up for them."
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