Tesla CEO Elon Musk stated he is “deeply saddened and dissatisfied” by the Securities and Exchange Commission’s claim versus him in a business declaration to Organisation Expert.

“This unjustified action by the SEC leaves me deeply saddened and dissatisfied. I have actually constantly acted in the very best interests of reality, openness and financiers. Stability is the most essential worth in my life and the truths will reveal I never ever jeopardized this in any method,” Musk stated.

The SEC submitted a suit versus Musk on Thursday, declaring that Musk made “incorrect and deceptive declarations” in August about taking the car manufacturer personal. The firm stated in the claim that it looks for to bar Musk from being an officer or director of a public business.

On August 7, Musk stated that he had actually “moneying protected” to transform Tesla into a personal business at $420 per share and just required an investor vote to validate a go-private offer. In its claim, the SEC declares that Musk had actually not obtained the essential financing and even went over the terms he discussed with any prospective financing sources.

Find Out More about the SEC’s claim versus Elon Musk:

Have a Tesla news idea? Contact this press reporter at mmatousek@businessinsider.com