The U.S. Securities and Exchange Commission has filed a lawsuit against Tesla CEO Elon Musk for alleged fraud.
According to court documents filed Thursday, the SEC claims that Musk issued "false and misleading" statements and failed to notify regulators of material company events.
It was in reference to an August tweet, in which Musk wrote "am considering taking Tesla private at $420. Funding secured."
The lawsuit was filed in federal court in Manhattan.
Musk released a statement, calling the action "unjustified."
He added that he acted in the "best interests of truth, transparency and investors".