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Lucy Nicholson / Reuters

Tesla CEO Elon Musk said he is “deeply saddened and disappointed” by the Securities and Exchange Commission’s lawsuit against him in a company statement to Business Insider.

“This unjustified action by the SEC leaves me deeply saddened and disappointed. I have always taken action in the best interests of truth, transparency and investors. Integrity is the most important value in my life and the facts will show I never compromised this in any way,” Musk said.

The SEC filed a lawsuit against Musk on Thursday, alleging that Musk made “false and misleading statements” in August about taking the automaker private. On August 7, Musk said that he had “funding secured” to convert Tesla into a private company at $420 per share and only needed a shareholder vote to confirm a go-private deal. In its lawsuit, the SEC alleges that Musk had not acquired the necessary funding or even discussed the terms he mentioned with any potential funding sources.

This is a developing story. Check back for updates.

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