Employer Retaliation After employer changed my status to contractor

English isn't my first language so bear with me. Quick background on my situation — any input appreciated.

employer changed my status to contractor. I've been dealing with this for about 15 weeks now and the situation isn't improving.

I have worked at this company for 12 years. My position is exempt and I do not have a written employment agreement beyond the standard offer letter.

What are the risks if I pursue this? What's the likely timeline?

Following this thread — This is eerily similar to what I'm dealing with. Keep us posted?