Kirby McInerney LLP Reminds Sable Offshore Corp. (SOC) Investors of Class Action Filing and Encourages Investors to Contact the Firm
[ LEARN MORE ABOUT THE CLASS ACTION ]
On May 19, 2025, Sable announced that it had resumed oil production from one of three offshore platforms related to its Las Flores pipeline (the 'Onshore Pipeline') in California as of May 15, 2025.
On May 21, 2025, Sable announced the pricing of its previously announced underwritten public offering of 8,695,654 shares of its common stock, by the Company at a price to the public of $29.50 per share (the 'Public Offering'). The Company subsequently announced the closing of the Public Offering on May 23, 2025, with gross proceeds of approximately $295 million.
On May 23, 2025, the California State Land Commission sent Sable a letter warning the Company that, 'The [May 19] press release appears to mischaracterize the nature of recent activities, causing significant public confusion and raising questions regarding Sable's intentions.' According to the letter, 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 requested by the California Coastal Commission regarding Sable's maintenance and repair work in the coastal zone related to its Onshore Pipeline. On this news, the price of Sable declined by $5.04 per share, or approximately 15%, from $32.93 per share on May 27, 2025, to close at $27.89 on May 28, 2025.
The lawsuit alleges that Sable made false or misleading statements that the Company had restarted oil production off the coast of California when it had not.
If you purchased or otherwise acquired Sable securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the contact form below, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs' law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP's website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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