NEW YORK, June 05, 2025 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Sable Offshore Corp. (“Sable” or the “Company”) (NYSE: SOC) on behalf of Sable stockholders. Our investigation concerns whether Sable has violated the federal securities laws and/or engaged in other unlawful business practices.
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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.
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, by 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 and California. 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
