Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Sable Offshore Corp. (SOC)
NEW YORK, July 29, 2025 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities who purchased or otherwise acquired Sable Offshore Corp. (“Sable Offshore” or the “Company”) (NYSE: SOC) securities between May 19, 2025 and June 3, 2025, inclusive (the “Class Period”), and/or pursuant and/or traceable to the Company’s May 21, 2025 secondary public offering (the “SPO”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose 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’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all times.
According to the Complaint on May 28, 2025, during market hours, Investing.com published an article entitled “Sable Offshore Corp stock sinks following court injunction.” The Complaint alleges that it stated the following: Shares of Sable Offshore Corp (NYSE:SOC) tumbled 14% after the California Coastal Commission was granted a preliminary injunction against the company’s pipeline repair and maintenance activities within the coastal zone in unincorporated Santa Barbara County. The court’s decision, which aligns with the Coastal Act’s strict regulations on coastal development, has raised concerns about potential project delays and additional costs for Sable Offshore.
According to the Complaint on this news, the price of Sable Offshore common stock fell by $5.04 per share, or 15.3%, to close at $27.89 per share on May 28, 2025.
On June 4, 2025, before the market opened, Sable Offshore filed a current report on Form 8-K with the SEC. The Complaint alleges it stated, in pertinent part, the following: On 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. Sable is exploring all possible avenues available to address these preliminary rulings. Sable is now targeting August 1, 2025 for first sales due to this delay.
According to the Complaint on this news, the price of Sable Offshore stock fell by $0.94 per share, or 3.91%, to close at $23.10 on June 4, 2025.
Investors who purchased or otherwise acquired shares of Sable Offshore should contact the Firm prior to the September 26, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
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