Overview

• A federal securities class action in the Central District of California covers purchases from May 19 to June 3, 2025, including shares sold in Sable's May 21 secondary offering.
• The complaint alleges Sable and certain executives misrepresented that offshore oil production had resumed when activities were limited to well testing, as described in a letter from California Lieutenant Governor Eleni Kounalakis.
• Santa Barbara County Superior Court approved a preliminary injunction on May 28 and later issued temporary restraining orders on June 4 blocking oil transport through the Las Flores Pipeline System.
• Sable's stock fell 15.3% to $27.89 on May 28 and declined a further 3.9% to $23.10 on June 4 following the court and regulatory developments.
• Multiple investor-rights firms, including Rosen, Glancy Prongay & Murray, Bernstein Liebhard, Hagens Berman, and Faruqi & Faruqi, are soliciting class members before the Sept. 26 lead-plaintiff deadline, and no class has been certified.