The singer and actor took to Instagram on Wednesday to address recent photographs of him getting cozy with his Palmer co-star Alisha Wainwright while at a New Orleans bar last month.
"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," Timberlake began. "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. This is not the example I want to set for my son," he continued. "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. I am incredibly proud to be working on Palmer. Looking forward to continuing to make this movie and excited for people to see it."
Last month, Timberlake -- who has been married to Jessica Biel since 2012 -- and Wainwright were spotted holding hands while at the Old Absinthe House, a New Orleans bar, with a group of people. At the time, a source who was with the group told ET that it was an innocent gathering of friends, cast and crew members on a balcony and nothing more.
Additionally, a second source told ET that Timberlake and 30-year-old Wainwright are like brother and sister, adding that them hanging out on the balcony was "harmless."
Wainwright's rep also told ET that "there is no validity to the speculation" surrounding her relationship with Timberlake.
As for Timberlake's relationship with Biel, a source told ET that the longtime couple "love each other dearly."
"They want nothing more than to stay together," the source said of the pair, who are parents to 4-year-old son Silas. "Even though Justin works and travels a great deal and he is so much in the public eye, both [Jessica and Justin] are wonderfully dedicated parents who both have careers, which can present some challenges."