SABLE OFFSHORE SHAREHOLDER ALERT by Former Louisiana Attorney General: Kahn Swick & Foti, LLC Reminds Investors With Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Aga
What You May Do
If you purchased securities of Sable Offshore and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-soc/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by September 26, 2025.
About the Lawsuit
Sable Offshore and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On June 4, 2025, the Company disclosed that 'a Santa Barbara County Superior Court Judge granted ex parte requests from plaintiffs in Center for Biological Diversity, et al. v.
California Department of Forestry and Fire Protection, et al. (25CV02244) and Environmental Defense Center, et al. v. California Department of Forestry and Fire Protection, et al. (25CV02247) for temporary restraining orders prohibiting Sable Offshore Corp. from restarting transportation of oil through the Las Flores Pipeline System pending the hearing on an order to show cause regarding a preliminary injunction scheduled for July 18, 2025. Sable is exploring all possible avenues available to address these preliminary rulings.'
On this news, the price of Sable's shares fell by $0.94 per share, or 3.91%, to close at $23.10 on June 4, 2025.
The case is Johnson v. Sable Offshore Corp., et al., No. 25-cv-6869.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, New Jersey, and a representative office in Luxembourg.
TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services
To learn more about KSF, you may visit www.ksfcounsel.com.
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Condensed Consolidated Statements of Cash Flows (Unaudited) Six Months Ended June 30, (In millions) 2025 2024 Operating activities Net loss $ (40 ) $ (22 ) Adjustments to reconcile net loss to net cash from operating activities Depreciation and amortization expense 62 33 Stock compensation expense 14 11 Deferred tax benefit (13 ) (9 ) Impairment of operating lease assets 4 — Other 6 2 Changes in assets and liabilities Accounts receivable 159 13 Other current assets and other long-term assets (7 ) 1 Accounts payable (93 ) (27 ) Accrued expenses, other current liabilities and other long-term liabilities (71 ) — Net cash provided by operating activities 21 2 Investing activities Payment for purchases of property and equipment (29 ) (22 ) Proceeds from sale of property and equipment 1 — Business acquisition, net of cash acquired (10 ) — Other (5 ) — Net cash used in investing activities (43 ) (22 ) Financing activities Proceeds from borrowings on revolving credit facilities 261 119 Repayment of borrowings on revolving credit facilities (227 ) (92 ) Payment for equity issuance costs (1 ) — Payment for tax withholdings related to vesting of stock compensation awards (18 ) (3 ) Repayment of debt and finance leases (1 ) (1 ) Other (10 ) (1 ) Net cash provided by financing activities 4 22 Effect of exchange rates on cash, cash equivalents and restricted cash 2 — Net increase (decrease) in cash, cash equivalents and restricted cash (16 ) 2 Cash, cash equivalents, and restricted cash, beginning of period 35 5 Cash, cash equivalents, and restricted cash, end of period $ 19 $ 7 Supplemental disclosure of cash flow information: Leased assets obtained in exchange for new operating lease liabilities $ 22 $ 49 Cash paid for income taxes, net 4 2 Cash paid for interest, net 16 15 Purchases of property and equipment in accounts payable, accrued expenses and other liabilities 10 1 Accrued tax withholdings related to vesting of stock compensation awards — 1 RXO, Inc. Revenue Disaggregated by Service Offering (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (In millions) 2025 2024 2025 2024 Revenue Truck brokerage $ 1,025 $ 543 $ 2,092 $ 1,107 Last mile 315 265 593 497 Managed transportation 142 156 279 308 Eliminations (63 ) (34 ) (112 ) (69 ) Total $ 1,419 $ 930 $ 2,852 $ 1,843 RXO, Inc. Reconciliation of Net Loss to Adjusted EBITDA and Adjusted EBITDA Margin (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (In millions) 2025 2024 2025 2024 Reconciliation of Net Loss to Adjusted EBITDA Net loss $ (9 ) $ (7 ) $ (40 ) $ (22 ) Interest expense, net 8 8 17 16 Income tax benefit (1 ) (1 ) (9 ) (7 ) Depreciation and amortization expense 30 17 62 33 Transaction and integration costs 7 7 13 8 Restructuring and other costs 3 4 17 15 Adjusted EBITDA (1) $ 38 $ 28 $ 60 $ 43 Revenue $ 1,419 $ 930 $ 2,852 $ 1,843 Adjusted EBITDA margin (1) (2) 2.7 % 3.0 % 2.1 % 2.3 % (1) See the "Non-GAAP Financial Measures" section of the press release. (2) Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by Revenue. RXO, Inc. Reconciliation of Net Loss to Adjusted Net Income (Loss) and Adjusted Diluted Income (Loss) Per Share (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions, shares in thousands, except per share amounts) 2025 2024 2025 2024 Reconciliation of Net Loss to Adjusted Net Income (Loss) and Adjusted Diluted Income (Loss) Per Share Net loss $ (9 ) $ (7 ) $ (40 ) $ (22 ) Amortization of intangible assets 11 3 26 6 Transaction and integration costs 7 7 13 8 Restructuring and other costs 3 4 17 15 Income tax associated with adjustments above (1) (5 ) (3 ) (14 ) (7 ) Adjusted net income (loss) (2) $ 7 $ 4 $ 2 $ — Adjusted diluted income (loss) per share (2) $ 0.04 $ 0.03 $ 0.01 $ — Weighted-average shares outstanding Diluted 169,077 119,837 169,143 117,398 (1) The tax impact of non-GAAP adjustments represents the tax benefit (expense) calculated using the applicable statutory tax rate that would have been incurred had these adjustments been excluded from net loss. Our estimated tax rate on non-GAAP adjustments may differ from our GAAP tax rate due to differences in the methodologies applied. (2) See the "Non-GAAP Financial Measures" section of the press release. RXO, Inc. Calculation of Gross Margin and Gross Margin as a Percentage of Revenue (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (Dollars in millions) 2025 2024 2025 2024 Revenue Truck brokerage $ 1,025 $ 543 $ 2,092 $ 1,107 Complementary services (1) 457 421 872 805 Eliminations (63 ) (34 ) (112 ) (69 ) Revenue $ 1,419 $ 930 $ 2,852 $ 1,843 Cost of transportation and services (exclusive of depreciation and amortization) Truck brokerage $ 877 $ 462 $ 1,801 $ 946 Complementary services (1) 304 272 582 522 Eliminations (63 ) (34 ) (112 ) (69 ) Cost of transportation and services (exclusive of depreciation and amortization) $ 1,118 $ 700 $ 2,271 $ 1,399 Direct operating expense (exclusive of depreciation and amortization) Truck brokerage $ — $ — $ 1 $ — Complementary services (1) 47 50 94 103 Direct operating expense (exclusive of depreciation and amortization) $ 47 $ 50 $ 95 $ 103 Direct depreciation and amortization expense Truck brokerage $ — $ 1 $ — $ 1 Complementary services (1) 2 2 5 4 Direct depreciation and amortization expense $ 2 $ 3 $ 5 $ 5 Gross margin Truck brokerage $ 148 $ 80 $ 290 $ 160 Complementary services (1) 104 97 191 176 Gross margin $ 252 $ 177 $ 481 $ 336 Gross margin as a percentage of revenue Truck brokerage 14.4 % 14.7 % 13.9 % 14.5 % Complementary services (1) 22.8 % 23.0 % 21.9 % 21.9 % Gross margin as a percentage of revenue 17.8 % 19.0 % 16.9 % 18.2 % (1) Complementary services include last mile and managed transportation services. 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