Mississippi Secretary of State Michael Watson put the world’s largest asset manager on notice Wednesday, issuing a cease-and-desist order against BlackRock due to what the state claims are “false and misleading statements” regarding the firm’s environmental, social, and governance strategy, Fox Business reported.

The order was issued along with the Securities Division of the secretary of state’s office to “stop BlackRock’s alleged fraudulent actions and impose a multimillion-dollar administrative penalty.”

“BlackRock has issued several statements and actions in commitment of using all assets under its management to incorporate ESG considerations, including advancing the environmental goals of net zero carbon emissions,” the secretary of state’s press release read. “BlackRock also informed clients they would see better long-term financial prospects and financial outcomes through ESG-backed funds, with little to no evidence to substantiate the claim.”

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