Am I a bad a parent to my freshmen kid?

My son is a freshmen in highschool and I grounded him for a month and took his computer and phone away. In his first week of high school he got in school suspension. He was hazed by 4 upperclmen on "freshmen friday" (which is when people make frehsmen do stupid things) to ask a girl for a *******. He knows this girl and they are friends. She responded sure, smiled and walked away. A security guard heard. The suspension is not on his record, it is one day, and he is not falling behind as far as me and my husband are concerned. He has missed 2 "parties" with his friends and is missing one tonight. He apologized to the school, principal, the girl (who did not care in anyway) and his jv soccer coach and team. Did I over react? and how should i fix it if i did