SOC 13-DAY DEADLINE ALERT: Sable Offshore (SOC) Sued for Misleading Investors on Oil Production

Core Viewpoint - A class-action lawsuit has been filed against Sable Offshore Corp. and its executives, alleging misrepresentation of oil production status to investors, which led to an artificial inflation of stock price prior to a secondary public offering [1][6]. Group 1: Lawsuit Details - The lawsuit, Johnson v. Sable Offshore Corp., involves investors who purchased Sable Offshore securities between May 19, 2025, and June 3, 2025, including those who bought shares in the May 21, 2025, secondary public offering [2]. - The complaint states that Sable Offshore issued a misleading press release on May 19, 2025, claiming a restart of oil production, which was later challenged by California Lieutenant Governor Eleni Kounalakis, clarifying that the activities were merely well-testing procedures [3]. - Following the public disclosure of 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: Legal and Financial Implications - On June 4, 2025, Sable Offshore faced further legal issues when a Santa Barbara County Superior Court judge issued a temporary restraining order preventing the company from restarting oil transportation through the Las Flores Pipeline System, leading to additional stock price declines [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 have 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 or utilize the SEC Whistleblower program, which offers rewards of up to 30% of any successful recovery made by the SEC [7].