Sable Offshore Corp. (SOC) Hit With Lawsuit Over Alleged Misleading Statements on California Oil Restart – Hagens Berman

Core Viewpoint - Sable Offshore Corp. is facing a securities class-action lawsuit for allegedly misleading investors to inflate its stock price prior to a significant secondary offering [1][4]. Group 1: Lawsuit Details - The lawsuit claims that Sable's press release on May 19, 2025, which announced the "restart of oil production at SYU," led to a 12.5% increase in stock price in one day [2]. - Following the press release, Sable raised $256.5 million through a secondary stock offering just two days later [2]. - A letter from California's Lieutenant Governor accused Sable of misrepresenting the nature of its activities, stating that the "restart" was merely well-testing procedures [3]. Group 2: Market Reaction - After the letter's contents were reported on May 28, Sable's stock price fell over 15% the next day, erasing the previous gains [3]. - The lawsuit aims to hold Sable accountable for allegedly raising capital under false pretenses [4]. Group 3: Investigation and Whistleblower Information - Hagens Berman is leading the investigation into whether Sable misled investors regarding its operational progress [4]. - Whistleblowers with non-public information about Sable are encouraged to assist in the investigation, with potential rewards under the SEC Whistleblower program [5].