SOC INVESTOR ALERT: Robbins Geller Rudman & Dowd LLP Announces that Sable Offshore Corp. Investors with Substantial Losses Have Opportunity to Lead Investor Class Action Lawsuit
If you suffered substantial losses and wish to serve as lead plaintiff of the Sable Offshore class action lawsuit, please provide your information here:
CASE ALLEGATIONS: Sable Offshore operates as an independent oil and gas company. According to the Sable Offshore class action lawsuit, on or about May 21, 2025, Sable Offshore conducted its SPO, issuing 10 million shares of its common stock at the offering price of $29.50 per share for proceeds of $295 million to Sable Offshore.
The Sable Offshore class action lawsuit alleges that defendants throughout the Class Period and in the SPO's offering documents represented that Sable Offshore had restarted oil production off the coast of California when it had not.
The Sable Offshore class action lawsuit further alleges that on May 23, 2025, Eleni Kounalakis, the Lieutenant Governor of California and chair of the California State Lands Commission wrote a letter to Sable Offshore's Vice President of Environmental & Government Affairs, Steve Rusch, stating that a May 19, 2025 Sable Offshore press release 'appears to mischaracterize the nature of recent activities, causing significant public confusion and raising questions regarding Sable's intentions. Your press release also implies that Sable has restarted operations at the Santa Ynez Unit (SYU). However, Commission staff has informed me that the limited volume oil flows are the result of well-testing procedures required by the Bureau of Safety and Environmental Enforcement prior to restart. These activities do not constitute a resumption of commercial production or a full restart of the SYU.' The May 23 letter was not published on the internet for the general public to view until May 28, 2025, the complaint alleges. On this news, the price of Sable Offshore stock fell more than 15%, according to the Sable Offshore class action lawsuit.
Then, on June 4, 2025, the complaint alleges that Sable Offshore revealed that '[o]n June 3, 2025, a Santa Barbara County Superior Court Judge granted ex parte requests from plaintiffs in Center for Biological Diversity, et al. v. California Department of Forestry and Fire Protection, et al. (25CV02244) and Environmental Defense Center, et al. v. California Department of Forestry and Fire Protection, et al. (25CV02247) for temporary restraining orders prohibiting Sable Offshore Corp. ('Sable') from restarting transportation of oil through the Las Flores Pipeline System pending the hearing on an order to show cause regarding a preliminary injunction scheduled for July 18, 2025.' On this news, the price of Sable Offshore stock fell further, according to the Sable Offshore class action lawsuit.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Sable Offshore publicly traded securities during the Class Period and/or pursuant and/or traceable to the SPO to seek appointment as lead plaintiff in the Sable Offshore class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Sable Offshore class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Sable Offshore class action lawsuit. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Sable Offshore class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud and shareholder litigation. Our Firm has been ranked #1 in the ISS Securities Class Action Services rankings for four out of the last five years for securing the most monetary relief for investors. In 2024, we recovered over $2.5 billion for investors in securities-related class action cases – more than the next five law firms combined, according to ISS. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
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