NEW YORK, NY / ACCESS Newswire / August 28, 2025 / Kirby McInerney LLP reminds Sable Offshore Corp. ("Sable" or the "Company") (NYSE:SOC) investors of the September 26, 2025 deadline to seek the role of lead plaintiff in a pending federal securities class action.
If you purchased or otherwise acquired Sable securities, have information, or would like to learn more, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the form below, to discuss your rights or interests.
[CONTACT THE FIRM IF YOU SUFFERED A LOSS]
What Happened?
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.
What Is The Lawsuit About?
The lawsuit has been filed on behalf of investors who purchased securities during the period of May 19, 2025 to June 3, 2025, inclusive ("the Class Period"). The lawsuit alleges that the defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Defendants represented that Sable Offshore Corp. had restarted oil production off the coast of California when it had not; and (2) as a result, defendants’ statements about Sable’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
[CLICK HERE TO LEARN MORE ABOUT THE CLASS ACTION]
Why Kirby McInerney LLP
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
SOURCE: Kirby McInerney LLP
View the original press release on ACCESS Newswire
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