INVESTIGATION ALERT: Edelson Lechtzin LLP Announces an Investigation of Sable Offshore Corp. (NASDAQ: SOC) and Encourages Investors with Substantial Losses to Contact the Firm
INVESTIGATION ALERT: Edelson Lechtzin LLP Announces an Investigation of Sable Offshore Corp. (NASDAQ: SOC) and Encourages Investors with Substantial Losses to Contact the Firm |
| [20-June-2025] |
NEWTOWN, Pa., June 20, 2025 /PRNewswire/ -- Edelson Lechtzin LLP is investigating potential violations of the federal securities laws involving Sable Offshore Corp. ("Sable") (NASDAQ: SOC), resulting from allegations of providing potentially misleading business information to the investing public.
If you have non-public information that could assist in the Sable investigation, or if you are a Sable investor who suffered a loss and would like to learn more, you can provide your information HERE. You can also contact attorney Eric Lechtzin of Edelson Lechtzin LLP by calling 844-563-5550 or via e-mail at elechtzin@edelson-law.com. THE COMPANY: Sable Offshore Corp. is an independent oil and gas company operating oil drilling platforms in the Santa Ynez Unit off the coast of Santa Barbara, California. THE ALLEGED WRONGDOING: On May 19, 2025, Sable issued a press release announcing its intention to restart oil extraction from a drilling platform that had shut down after contributing to a massive oil spill off the Santa Barbara coast in 2015. Subsequently, Sable issued a public offering of common stock at $29.50 per share on May 21, 2025. The public offering closed on May 23, 2025, generating approximately $259 million in gross proceeds for the company. On May 23, 2025, the California State Land Commission sent Sable a warning letter alleging the company's May 19 press release conflated offshore well testing activities required by a federal regulatory agency with the resumption of full-scale drilling operations. The Land Commission's warning letter asserted the company's press release "mischaracterize[d] the nature of recent activities, caus[ed] significant public confusion and rais[ed] questions regarding Sable's intentions." Shortly after the Land Commission issued the warning letter, the California Coastal Commission filed a preliminary injunction against Sable regarding maintenance and repair work on the company's onshore pipeline system along the Santa Barbara coastline. The Santa Barbara County Superior Court approved the preliminary injunction on May 28, 2025, and Sable stock declined by $5.04 per share, or approximately 15%, from $32.93 per share on May 27, 2025, to close at $27.89 per share on May 28, 2025. ABOUT EDELSON LECHTZIN LLP: Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft, data security, and consumer fraud. For more information, please contact: This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
SOURCE Edelson Lechtzin LLP | ||
Company Codes: NYSE:SOC |
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