I can't even find a statement from the transcript that even implies that, so yes it is false. Someone needs to explain what quote they are talking about and make the case what was meant.
"Dave: “Yeah, they got together and they said, ‘You know what? He called our vice presidential candidate a pig.’” (audience laughs) “Well, that seems pretty unlikely, doesn’t it?”
Obama: “It does. But keep in mind that, technically, had I meant it that way, she would have been the lipstick, you see?” "
He did mean it that way. The entire campaign against Sarah is based on this- at least until the debate.
Of course this something he can wriggle out of though, for now.