Sable Offshore (SOC) Sued for Misleading Investors on Oil Production - Hagens Berman

Core Viewpoint - A class-action lawsuit has been filed against Sable Offshore Corp. for allegedly misrepresenting its oil production status, which led to inflated stock prices prior to a secondary public offering [1][2][6]. Group 1: Allegations and Legal Proceedings - The lawsuit, Johnson v. Sable Offshore Corp., targets investors who purchased securities between May 19, 2025, and June 3, 2025, including those involved in the May 21, 2025 secondary public offering [2][6]. - Sable Offshore issued a press release on May 19, 2025, claiming a restart of oil production, which was later challenged by California Lieutenant Governor Eleni Kounalakis, stating the activities were merely well-testing procedures [3][4]. - Following the Lieutenant Governor's letter on May 28, 2025, Sable Offshore's stock price dropped over 15% as the market recognized the inaccuracies in the company's statements [4]. Group 2: Impact on Stock and Company Operations - On June 4, 2025, Sable Offshore disclosed a temporary restraining order from a Santa Barbara County Superior Court judge, preventing the company from restarting oil transportation through the Las Flores Pipeline System, which further impacted the stock price negatively [5]. - The lawsuit seeks to hold Sable Offshore and its underwriters accountable for raising capital under false pretenses, resulting in significant investor losses [6]. Group 3: Investigation and Whistleblower Information - Hagens Berman is investigating the claims on behalf of investors who suffered substantial losses, focusing on whether the company's public statements accurately reflected its operational reality [7]. - Whistleblowers with non-public information regarding Sable Offshore are encouraged to assist in the investigation, with potential rewards under the SEC Whistleblower program [7].