UPDATE: The Los Angeles County Sheriff's Department has confirmed that at least 10 people have died following a shooting at a business premises in Monterey Park.
As reported by CNN, the FBI is now involved in the investigations into Saturday night's shooting, with LASD Homicide Capt. Andrew Meyer telling reporters on Sunday: "We're working with the California Governor's Office of Emergency Services, The Federal Bureau of Investigation LA office and numerous other law enforcement agencies."
Officials have also revealed that the shooting took place in a local business in the 100 block of West Garvey Avenue - which CNN has determined to be a dance studio called Star Ballroom Dance Studio.
ORIGINAL: The incident comes after thousands of people gathered in the city to celebrate the the Monterey Park Lunar New Year festival.
Police say the shooting occurred at approximately 10:20PM (local time) on Saturday (January 21), per BBC News.
Videos and images are now circulating on social media showing a large police presence in the area.
Officials say that the suspect is male, but have not added whether or not any arrests have been made in connection with the shooting.
Additionally, it is currently not known how many people were injured in the incident.
Home to around 60,000 people, Monterey Park has a large Asian community (around 65% per census data).
Local business owner Seung Won Choi spoke to the Los Angeles Times about the shooting, and recalled the moment three individuals ran into his restaurant looking for shelter.
Choi was instructed to lock the doors as their was "a man with a semiautomatic gun in the area". The business owner added that the shooter allegedly carried multiple rounds of ammunition, and would reload his firearm once one magazine ran out.
Los Angeles City Controller Kenneth Mejia - the first Asian American to hold citywide office in Los Angeles - responded to the tragic news on Twitter, writing: "Our hearts go out to those who lost loved ones tonight in our neighboring city, Monterey Park, where a mass shooting just occurred.
"Monterey Park is home to one of the largest Asian communities in Los Angeles County and many were out celebrating the Lunar New Year."
As a result of Saturday's tragic events, Sunday's Lunar New Year festival plans have been canceled.
Monterey Park Police Chief Scott Weise told reporters: "The festival that occurred Saturday also extended to Sunday. Out of an abundance of caution and reverence for the victims, we are canceling the event that's going to happen later today. The Lunar festival here in Monterey Park has been canceled."
Our thoughts go out to anybody affected by this tragedy.