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 claimed he had funding lined up to take Tesla private.
The lawsuit was filed in federal court in Manhattan and the SEC is seeking to bar Musk from serving as an officer or director of a public company, as well as unspecified monetary penalties.
In a statement Musk called the action "unjustified", adding that he acted in the "best interests of truth, transparency and investors".