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2w ago

Sable Offshore Investors Face Sept. 26 Deadline in Securities Class Action

The federal case in California challenges statements about a purported restart of offshore output tied to a May 21 offering.

Rosen, recognized investor counsel, encourages sable offshore corp. investors to secure counsel before important deadline in securities class action first filed by the firm soc

Overview

  • Johnson v. Sable Offshore Corp., No. 25-cv-6869, is pending in the U.S. District Court for the Central District of California.
  • The complaint alleges the company and certain executives misled investors by claiming offshore production had restarted in California when it had not.
  • The putative class covers purchases from May 19 to June 3, 2025, and shares traceable to the May 21 secondary public offering.
  • On June 4, Sable disclosed that Santa Barbara County Superior Court issued temporary restraining orders blocking any restart of oil transport through the Las Flores Pipeline System.
  • Shares fell 15.3% on May 28 and 3.9% on June 4 after court and regulatory actions, and multiple firms including Bernstein Liebhard, Levi & Korsinsky, Kahn Swick & Foti, and Glancy Prongay & Murray are soliciting lead-plaintiff motions by September 26.