Sable Offshore(US:SOC) Globenewswire·2025-09-17 12:48Core Viewpoint - A securities class-action lawsuit has been filed against Sable Offshore Corp. and its executives for allegedly misleading investors regarding the restart of oil production, which led to significant investor losses [1][2]. Group 1: Allegations and Legal Proceedings - The lawsuit, Johnson v. Sable Offshore Corp., represents investors who purchased shares between May 19, 2025, and June 3, 2025, including those who participated in the secondary public offering on May 21, 2025 [2]. - Sable Offshore issued a press release on May 19 claiming it had restarted oil production, which was later challenged by California's Lieutenant Governor, stating that the activities were only "well-testing procedures" [2]. - The alleged deception was revealed on May 28, 2025, when the Lieutenant Governor's letter became public, causing Sable's stock price to drop by over 15% [3]. - On June 4, 2025, a Santa Barbara County Superior Court judge issued a temporary restraining order against Sable, prohibiting oil transportation through the Las Flores Pipeline System, further impacting the stock price [3]. Group 2: Legal and Investigative Actions - The lawsuit seeks to hold Sable Offshore and its underwriters accountable for raising capital under false pretenses [4]. - Hagens Berman, a national shareholder rights firm, is investigating the claims and assessing whether the company's statements about oil production and subsequent judicial actions were part of a pattern of misleading behavior [5]. - Whistleblowers with non-public information regarding Sable Offshore are encouraged to assist in the investigation, with potential rewards under the SEC Whistleblower program [5].