Law Offices of Frank R. Cruz Encourages Sable Offshore Corp. (SOC) Investors To Inquire About Securities Fraud Class Action

Business Wire

01-08-2025

LOS ANGELES--(BUSINESS WIRE)-- The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of investors who purchased 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.
Law Offices of Frank R. Cruz Encourages Sable Offshore Corp. (SOC) Investors To Inquire About Securities Fraud Class Action
Share
IF YOU SUFFERED A LOSS ON YOUR SABLE OFFSHORE CORP. (SOC) INVESTMENTS, CLICK HERE TO SUBMIT A CLAIM TO POTENTIALLY RECOVER YOUR LOSSES IN THE ONGOING SECURITIES FRAUD LAWSUIT.
You can also contact the Law Offices of Frank R. Cruz to discuss your legal rights by email at [e-mail], by telephone at [phone], or visit our website at www.frankcruzlaw.com.
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.
Contact Us To Participate or Learn More:
If you purchased Sable securities, wish to learn more about this action, or have any questions concerning this announcement or your rights or interests with respect to these matters, please click HERE or contact us at:
Law Offices of Frank R. Cruz
2121 Avenue of the Stars, Suite 800
Telephone: [phone]
Email: [e-mail]
Visit our website at: www.frankcruzlaw.com
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.