Not updated with Sevis I-20 severe consequence?

[ImmiChallenged]

I am on OPT grace period and I am having an employer to file for H-1 for me now. However, my problem is that my I-20 was not updated to the Sevis I-20 because I wasn't aware of it neither did I receive any notice from school for updating an old I-20 and my school said it is too late to update it now.

Does anyone know what is the consequence and how it would affect my H-1 application? Thanks a million. This is really urgent!