Michelle Trachtenberg

Did Ashlee Simpson-Wentz and Michelle Trachtenberg practically throw down over Pete Wentz at a star-studded Hollywood soiree?

Don’t believe the hype—or, in this case, the Perez Hilton dramarama version.

Yes, the girls were seated in the same VIP section at Monday’s DJ Hero event, where Eminem and Jay-Z performed. In fact, a source tells E! News, the two had been chatting cordially earlier in the evening.

Then, per our partygoing pal, Ash "definitely had one drink too many."

But while Perez says that a tipsy Ashlee ended up verbally attacking Michelle (accompanied by a new beau) about her dating Pete Wentz, we’ve learned things weren’t that serious.

As Ashlee’s rep spins it...

"It was just a misunderstanding," the publicist tells us. "Ashlee has since apologized to Michelle, and they remain on good terms."

Michelle’s and Pete’s reps couldn’t be reached for comment on the incident.

Our thought? Maybe the current and former Wentz ladies were just getting into catty character for their respective roles on Melrose Place and Gossip Girl?