Sable Offshore Corp.

On May 19, 2025, Sable announced that it had resumed oil production from one of three offshore platforms related for its Las Flores pipelines (“Onshore Pipeline”) in California.

Then, on May 23, 2025, the California State Land Commission sent Sable a letter regarding its May 19th announcement, warning that it “appears to mischaracterize the nature of recent activities, causing significant public confusion and raising questions regarding Sable’s intentions,” and that 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 from the California Coastal Commission regarding Sable’s maintenance and repair work in the coastal zone related to the Onshore Pipeline.

On this news, Sable’s stock price fell $5.04, or 15.3%, to close at $27.89 per share on May 28, 2025, thereby injuring investors.

Then, on June 4, 2025, Sable disclosed that a Santa Barbara County Superior Court Judge had granted “temporary restraining orders prohibiting [Sable] from restarting transportation of oil through the Las Flores Pipeline System.”

On this news, Sable’s stock price fell $0.94, or 3.9%, to close at $23.10 per share on June 4, 2025, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Defendants represented that Sable Offshore Corp. had restarted oil production off the coast of California when it had not; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.