Michelle Trachtenberg & Ashlee Simpson & Pete Wentz Fighting Mad ?

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 ?