Lawsuit Accuses Sable Offshore (SOC) of Misleading Investors on Oil Production- Hagens Berman

SAN FRANCISCO, Sept. 16, 2025 /PRNewswire/ -- A securities class-action lawsuit has been filed against Sable Offshore Corp. (NYSE: SOC) and its executives, alleging the company misled investors about the restart of its oil production off the California coast. The litigation, filed in California federal court, claims the company used a false press release to artificially inflate its stock price just before a secondary public offering (SPO), resulting in significant investor losses.

Hagens Berman urges Sable investors who suffered substantial losses to contact the firm now.

Class Period: May 19, 2025 – June 3, 2025
Lead Plaintiff Deadline: Sept. 26, 2025
Visit: www.hbsslaw.com/investor-fraud/soc
Contact the Firm Now: [email protected]
                                        844-916-0895

Allegations of Misleading Statements and Regulatory Clash

The lawsuit, Johnson v. Sable Offshore Corp., represents investors who purchased shares between May 19, 2025, and June 3, 2025, including those who participated in the SPO on May 21, 2025. According to the complaint, Sable Offshore issued a press release on May 19 claiming it had restarted oil production, a statement that was quickly challenged by California's Lieutenant Governor, Eleni Kounalakis. In a letter, Kounalakis clarified that the company's activities were only "well-testing procedures," not the resumption of commercial production.

This alleged deception was exposed on May 28, 2025, when news of the Lieutenant Governor's letter became public. Sable's stock price plummeted by over 15% as a result. The company's legal troubles worsened on June 4, 2025, when a Santa Barbara County Superior Court judge issued a temporary restraining order, prohibiting Sable from transporting oil through the Las Flores Pipeline System. This development caused the stock to fall even further.

The lawsuit seeks to hold the company and its underwriters accountable for allegedly raising capital under false pretenses.

Hagens Berman's Investigation

Hagens Berman, a national shareholder rights firm, is currently investigating the alleged claims.

Reed Kathrein, the Hagens Berman partner leading the investigation, commented on the situation, "We are investigating whether the company's claims about oil production and the subsequent judicial intervention were part of a pattern of misleading behavior that ultimately caused substantial losses for investors."

If you invested in Sable and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now »

If you'd like more information and answers to frequently asked questions about the Sable case and our investigation, read more »

Whistleblowers: Persons with non-public information regarding Sable Offshore should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.

SOURCE Hagens Berman Sobol Shapiro LLP