SOC 5-DAY DEADLINE ALERT: Lawsuit Accuses Sable Offshore (SOC) of Misleading Investors on Oil Production– Hagens Berman

Core Viewpoint - A securities class-action lawsuit has been filed against Sable Offshore Corp. for allegedly misleading investors regarding the restart of its oil production, which led to significant investor losses [1][2]. Group 1: Allegations and Legal Proceedings - The lawsuit, Johnson v. Sable Offshore Corp., involves 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 contradicted by California's Lieutenant Governor, stating that the activities were merely "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]. - The firm has a history of securing over $2.9 billion in cases related to corporate accountability and is currently focused on this investigation [6].