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Watch: SEC holds press conference after suing Tesla CEO Elon Musk

[This stream is scheduled to start at 5 p.m.]

The U.S. Securities and Exchange Commission is set to hold a press conference, moments after filing a lawsuit against Tesla CEO Elon Musk for fraud.

The SEC complaint states that Musk issued "false and misleading" statements and failed to notify regulators of material company events, according to court documents filed Thursday.

In August, Musk tweeted "am considering taking Tesla private at $420. Funding secured."

During post-market trading on Thursday, Tesla shares fell nearly 10 percent.

Stephanie Avakian, Co-Director of Enforcement, and Steven Peikin, Co-Director of Enforcement will speak.