"It has always been our preference not to comment on the status of our relationship, but, out of respect for the time we've spent together, we feel compelled to do so now, in light of recent speculation and the number of inaccurate stories that are being reported by the media," the pair said. "We have, in fact, ended our romantic relationship, and have done so mutually and as friends, with continued love and respect for one another," the couple said in a statement Thursday

The exes, who'd chatted politely during the awards ceremony and even shared laughs at InStyle's annual afterparty, argued at a bash hosted by the singer at the Beverly Wilshire hotel.

According to witnesses, Timberlake was talking to actress Jessica Biel when Diaz approached. Biel stepped away, and the former couple had a serious exchange.

Diaz walked away, Timberlake followed, and the two were soon spotted engaged in an intense 40-minute face-off in a side room.

According to People, Diaz reemerged looking composed, while Timberlake held his head in his hands and, says a witness, "slammed his fist (down) into a cabinet."

Meanwhile Page Six sources say that Cameron "screamed" at Biel at an InStyle party at the Beverly Hilton. One insider characterized the newly single Diaz to the Post as "desperate." other

Observers report that Justin and his mom had to make a quick getaway from the InStyle party after Cameron began to get "too clingy, " reports TMZ