Sable Offshore Corp.

Case Overview
52 Days Left to Seek Lead Plaintiff
Lead Plaintiff Deadline: | Lead Plaintiff Deadline: 09/26/2025 |
Status: | Status: Investigating |
Company Name: | Company Name: Sable Offshore Corp. |
Court: | Court: Central District of California |
Case Number: | Case Number: 2:25cv06869 |
Class Period: | Class Period: 05/19/2025 - 06/03/2025 |
Ticker: | Ticker: SOC |
Related Attorneys: | Lead Attorneys: Thomas W. Elrod |
Related Practices: | Related Practices: Securities |
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired Sable Offshore Corp. (“Sable” or the “Company”) (NYSE:SOC) securities during the period of May 19, 2025 to June 3, 2025, inclusive (“the Class Period”). Investors have until September 26, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On May 19, 2025, Sable announced that it had resumed oil production from one of three offshore platforms related to its Las Flores pipeline (the “Onshore Pipeline”) in California as of May 15, 2025.
On May 21, 2025, Sable announced the pricing of its previously announced underwritten public offering of 8,695,654 shares of its common stock, by the Company at a price to the public of $29.50 per share (the “Public Offering”). The Company subsequently announced the closing of the Public Offering on May 23, 2025, with gross proceeds of approximately $295 million.
On May 23, 2025, the California State Land Commission sent Sable a letter warning the Company that, “The [May 19] press release appears to mischaracterize the nature of recent activities, causing significant public confusion and raising questions regarding Sable’s intentions.” According to the letter, Sable had conflated offshore well testing activities required by a federal regulatory agency with the restart of operations.
Then, on May 28, 2025, the Santa Barbara County Superior Court approved a preliminary injunction requested by the California Coastal Commission regarding Sable’s maintenance and repair work in the coastal zone related to its Onshore Pipeline. On this news, the price of Sable declined by $5.04 per share, or approximately 15%, from $32.93 per share on May 27, 2025, to close at $27.89 on May 28, 2025.
The lawsuit alleges that Sable made false or misleading statements that the Company had restarted oil production off the coast of California when it had not.