First, at this age, there is nothing that you can do at home in terms of discipline for what happened at school. It won't work. If the school can't handle him, then they should be doing some testing. It is also the end of the school year. Make sure that next year he gets a teacher that is capable of handling him. I assume he is in kindergarten? When is his birthday? If you want to stop his behavior problems at home, then I suggest you get the book, "SOS Help for Parents," by Lynn Clark. To change behavior, your consequences have to be consistently applied for at least 3 weeks and immediate.. I have the feeling that your consequences are none of the above. The book I recommended will really help with that.
May I ask what you mean by him being out of control can you give a scenario ?