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 misrepresented its operations by announcing a "restart" of oil production at its San Ynez Unit (SYU), which led to a 12.5% increase in stock price on May 19, 2025 [2][3]. - Following the announcement, 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 mischaracterizing its activities, stating that the "restart" was merely well-testing procedures, not a true operational restart [3]. Group 2: Market Reaction - After the letter's contents were reported on May 28, Sable's stock price fell over 15% the following day, erasing the previous gains [3]. Group 3: Investigation and Accountability - The litigation aims to hold Sable accountable for allegedly raising capital under false pretenses, with the case being litigated in the U.S. District Court for the Central District of California [4]. - Hagens Berman, the law firm leading the investigation, is looking into whether Sable misled investors regarding its restart progress [4].