Bragar Eagel & Squire, P.C. Litigation Partner Brandon Walker Encourages Investors Who Suffered Losses In Sable (SOC) To Contact Him Directly To Discuss Their Options
If you purchased or acquired securities in Sable between May 19, 2025 and June 3, 2025 and would like to discuss your legal rights, call Bragar Eagel & Squire partner Brandon Walker or Marion Passmore directly at (212) 355-4648.
NEW YORK, Sept. 15, 2025 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Sable Offshore Corporation (“Sable” or the “Company”) (NYSE: SOC) in the United States District Court for the Central District of California on behalf of all persons and entities who purchased or otherwise acquired Sable securities between May 19, 2025 and June 3, 2025, both dates inclusive (the “Class Period”). Investors have until September 26, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
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.
If you purchased or otherwise acquired Sable shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
