Sable Offshore Faces Class Action Over Alleged Investor Misleads

Sable Offshore Corp. is facing multiple securities class-action lawsuits alleging that the company made misleading statements about restarting oil production off the coast of California. The lawsuits claim that Sable's May 19, 2025, announcement of resumed operations was deceptive, as it only involved routine well-testing activities rather than an actual restart, which artificially inflated the company's stock price prior to a secondary offering that raised $256.5 million. California state officials and courts issued warnings and temporary restraining orders against Sable, culminating in significant drops in the company's stock price on May 28 and June 4, 2025, which harmed investors. Several law firms are urging shareholders who suffered losses between May 19 and June 3, 2025, to file lead plaintiff applications by the September 26 deadline to join the lawsuits. The cases highlight ongoing regulatory and legal challenges for Sable related to environmental compliance and transparency in its communications with investors.