Nope, the game registers the player's death before the opponent. I've had this a couple of times on After School Special and sometimes on Anger Management because Biofeedback works in the same sort of way. I suspect something similar might also happen if both players die from Lonesome Lenny, though I haven't witnessed it.Hmmm. If I recall all that should happen is you win without a victory phrase from your character in this situation.
The game always gives the enemy advantages in win conditions:
During a timeout, they win.
During a double KO, they win.
Since the enemy AI is kinda dumb, I'm pretty okay with them winning in these situations.