The SEC’s formal investigation into Tesla looks to be ramping up because as FOX Business News reporter Charlie Gasparino reported on Wednesday, Tesla’s board and Elon Musk have both retained counsel with substantial pedigree to defend themselves.

In an on-air segment between Gasparino and Neil Cavuto on Wednesday afternoon, Gasparino reiterated that the SEC investigation into the company was “a very serious probe, based on a lot of reporting” and he seemed to cast aside the potential defense of ignorance or acting without malice when Cavuto alluded to it. Gasparino stated that the SEC is “focusing heavily” on statements that Elon Musk made and whether they were intended to move the stock.

Gasparino states at the end of his segment that the caliber of attorneys retained by Musk and the company indicates to him that they are “lawyering up in a major way, ready to go to battle”.

The full segment can be viewed below. 

.@CGasparino with #BreakingNews on Tesla $TSLA and the SEC. He says that the automaker is “lawyering up in a major way, ready to go to battle” pic.twitter.com/eoYUwdfp05

— Neil Cavuto (@TeamCavuto) September 5, 2018

This segment came as a follow-up to earlier scoops by Gasparino. 

SCOOP: @SEC_Enforcement investigating company/@elonmusk statements abt co’s progress/privatization had basis in fact; examining corporate documents with focus on Model 3 production targets; Musk’s testimony will likely be taken near end of probe — sources more now @FoxBusiness

— Charles Gasparino (@CGasparino) September 5, 2018

SCOOP: @Tesla ’s board retains veteran litigator Daniel Kramer of Paul Weiss for SEC probe; Kramer represented Steve Cohen/SAC Capital in insider trading case and @21CF in investigations of former network chief Roger Ailes and host Bill O’Reilly more NOW @FoxBusiness

— Charles Gasparino (@CGasparino) September 5, 2018