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, linked to the company's efforts to restart operations at its San Ynez Unit assets, which have been inactive since 2015 [1][4]. Group 1: Lawsuit Details - The lawsuit claims that on May 19, 2025, Sable announced it had "restarted oil production at SYU," leading to a 12.5% increase in its stock price in one day. This announcement was followed by a secondary stock offering that raised $256.5 million [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 required before actual operations could resume. This letter was reported on May 28, causing Sable's stock to drop over 15% the following day, erasing the previous gains [3]. Group 2: 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 progress in restarting operations at SYU [4].