Sable Offshore Corp. (SOC) Securities Class Action

The suit claims that on May 19, Sable triggered a stock frenzy with a press release announcing it had "restarted oil production at SYU," a claim that sent its shares soaring by a remarkable 12.5% in a single day. Riding this wave of investor enthusiasm, the company quickly priced a secondary stock offering two days later, raising a substantial $256.5 million.

But the euphoria was short-lived. Just as the ink was drying on the offering, a letter from California's Lieutenant Governor, Eleni Kounalakis, allegedly surfaced that accused Sable of painting a deceptive picture. According to the complaint, the letter bluntly stated that the company's press release “appears to mischaracterize the nature of recent activities" and that the so-called "restart" was nothing more than "well-testing procedures required by the Bureau of Safety and Environmental Enforcement prior to restart." In a damning indictment, the letter is said to have declared, "Characterizing testing activities as a restart of operations is not only misleading but also highly inappropriate."

When the contents of this letter were reported in the financial press on May 28, the market delivered a swift verdict. Sable's stock price plunged over 15% the very next day, wiping out the gains that had enticed new investors just a week earlier.

The litigation now aims to hold the company accountable for what some are calling a calculated maneuver to raise capital under false pretenses. The case, Johnson v. Sable Offshore Corp., et al., is being litigated in the U.S. District Court for the Central District of California.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the SOC investigation about?

We are investigating whether Sable may have misled investors about its restart progress and purported restart of SYU.

WHAT SHOULD I DO?

I worked at SOC. What should I do?

If you were an employee of SOC, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower 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, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in SOC, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any SOC investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.