Investors in Sable Offshore Corp. (SOC) urged to consider joining a securities fraud class action by Howard G. Smith's law offices.
In a significant development, a class action lawsuit has been filed against Sable Offshore Corp. (SOC) on behalf of investors who purchased securities between May 19, 2025, and June 3, 2025, or pursuant to the Company's May 21, 2025, secondary public offering. The lawsuit alleges that Sable Offshore Corp. misrepresented that it had restarted oil production off the coast of California.
The lawsuit, which was filed in the Santa Barbara County Superior Court, is about the alleged securities fraud related to the statements made by Sable Offshore Corp. regarding its oil production and pipeline operations. Specifically, the complaint alleges that the misleading statements made by the company were materially false or lacked a reasonable basis.
The class period for the lawsuit is from May 19, 2025, to September 26, 2025. Notably, on May 19, 2025, Sable Offshore Corp. announced that it had resumed oil production from one of three offshore platforms related to its Las Flores pipelines in California. However, on May 23, 2025, the California State Land Commission sent Sable a letter stating that the announcement mischaracterized the nature of recent activities and caused public confusion.
On May 28, 2025, the Santa Barbara County Superior Court approved a preliminary injunction from the California Coastal Commission regarding Sable's maintenance and repair work in the coastal zone related to the Onshore Pipeline. This decision came after Sable disclosed on June 4, 2025, that a Santa Barbara County Superior Court Judge had granted temporary restraining orders prohibiting Sable from restarting transportation of oil through the Las Flores Pipeline System.
Following these revelations, Sable's stock price fell significantly. On May 28, 2025, the stock price fell $5.04, or 15.3%, to close at $27.89 per share. On June 4, 2025, the stock price further declined $0.94, or 3.9%, to close at $23.10 per share.
The Law Offices of Howard G. Smith are seeking to represent investors in the class action lawsuit against Sable Offshore Corp. Investors who suffered a loss in Sable Offshore Corp. have until September 26, 2025, to file a lead plaintiff motion. Interested investors are encouraged to contact The Law Offices of Howard G. Smith for more information. The firm can be contacted at 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, Telephone: (215) 638-4847, Email: [email protected], and their website is www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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