Can approved H1b petition be revoked by previous employee?

see my case, I got visa stamped last year and spent one year in US and switched my job to another company. My employer filed H1b petition in Regular processing with previous companies approved petition. Once i received the receipt no I started working for the new employer. Now the case status is in RFE and attorney is working on the response to USCIS.

  1. What will happen if the H1b Tranfer/new petition filed by new employer is denied. My Visa and I94 is valid till Mid of 2016.

  2. If denied, Can another employer file new petition with Old company’s approved petition using cap exempt.