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Timberlake felt the need to issue his apology after he was seen holding hands with his Palmer co-star Alisha Wainwright on the balcony of a New Orleans bar. The images stirred rumors that Timberlake was cheating on his wife.

“I stay away from gossip as much as I can, but for my family I feel it is important to address recent rumors that are hurting the people I love," he wrote “A few weeks ago I displayed a strong lapse in judgement — but let me be clear — nothing happened between me and my costar.”

“I drank way too much that night and I regret my behavior. I should have known better,” he continued. “This is not the example I want to set for my son. I apologize to my amazing wife and family for putting them through such an embarrassing situation, and I am focused on being the best husband and father I can be. This was not that.”

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“I am incredibly proud to be working on Palmer. Looking forward to continuing to make this movie and excited for people to see it," he concluded.

There has been no public comment from Biel up to this point, but she reportedly is standing by her husband.

A representative for Wainwright also denied anything improper. "There is no validity to this speculation. They are currently working on a project together. Members of the cast and crew were all together."

"It’s a balcony with a group of people and it was definitely nothing happening," a source told PEOPLE. "He’s down there shooting [his film] Palmer, they’re starring in the movie together and they’re cool and everybody was just hanging out."

"The video may look a way, but literally it was nothing," they continued. "It was some friends, members of the team, crew and people like that. They all know each other and were hanging. Like come one, they’re on an open balcony in New Orleans and he’s famous. It was nothing."

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