Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm Encourages Sable Offshore Corp. (SOC) Investors To Inquire About Securities Fraud Class Action

Business Wire

2 days ago

LOS ANGELES--(BUSINESS WIRE)-- Glancy Prongay & Murray LLP, a leading national shareholder rights law firm, announces that a securities fraud class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Sable Offshore Corp. ('Sable' or the 'Company') (NYSE: SOC) securities between , inclusive (the 'Class Period'), and/or pursuant and/or traceable to the Company's May 21, 2025 secondary public offering (the 'SPO'). Sable investors have until September 26, 2025 to file a lead plaintiff motion.
IF YOU SUFFERED A LOSS ON YOUR SABLE OFFSHORE CORP. (SOC) INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS
What Happened?
On May 19, 2025, Sable announced that it had resumed oil production from one of three offshore platforms related for its Las Flores pipelines ('Onshore Pipeline') in California.
Then, on May 23, 2025, the California State Land Commission sent Sable a letter regarding its May 19th announcement, warning that it 'appears to mischaracterize the nature of recent activities, causing significant public confusion and raising questions regarding Sable's intentions,' and that Sable had conflated offshore well testing activities required by a federal regulatory agency with the restart of operations.
Then, on May 28, 2025, the Santa Barbara County Superior Court approved a preliminary injunction from the California Coastal Commission regarding Sable's maintenance and repair work in the coastal zone related to the Onshore Pipeline.
On this news, Sable's stock price fell $5.04, or 15.3%, to close at $27.89 per share on May 28, 2025, thereby injuring investors.
Then, on June 4, 2025, Sable disclosed that a Santa Barbara County Superior Court Judge had granted 'temporary restraining orders prohibiting [Sable] from restarting transportation of oil through the Las Flores Pipeline System.'
On this news, Sable's stock price fell $0.94, or 3.9%, to close at $23.10 per share on June 4, 2025, thereby injuring investors further.
What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Defendants represented that Sable Offshore Corp. had restarted oil production off the coast of California when it had not; and (2) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Sable securities during the Class Period, you may move the Court no later than September 26, 2025 to request appointment as lead plaintiff in this putative class action lawsuit.
Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
Charles Linehan, Esq.,
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100,
Los Angeles California 90067
Email: [e-mail]
Telephone: [phone],
Toll-Free: 888-773-9224
Visit our website at www.glancylaw.com.
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If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.