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Kirby McInerney LLP is Investigating Potential Shareholder Claims Against Sable Offshore Corp. (SOC)

1. Sable Offshore is under investigation for potential securities law violations. 2. Sable resumed oil production on May 15, 2025, from offshore platforms. 3. A public offering raised approximately $295 million at $29.50 per share. 4. The California State Land Commission warned of mischaracterizations in Sable's announcements. 5. A court approved an injunction affecting Sable's maintenance work, impacting share price.

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FAQ

Why Bearish?

The warning letter and court injunction create regulatory uncertainties affecting investor confidence, reminiscent of previous cases where regulatory scrutiny led to price declines.

How important is it?

The ongoing investigation and its consequences are expected to significantly affect SOC's market performance.

Why Short Term?

Immediate legal and regulatory issues could impact sentiment and trading behavior in the near-term, akin to past investor reactions following similar investigations.

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NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP reminds investors that the firm is investigating potential claims against Sable Offshore Corp. (“Sable” or the “Company”) (NYSE:SOC). The investigation concerns whether Sable and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices. [Click here to learn more about the investigation] On May 19, 2025, Sable announced that it had resumed oil production from one of three offshore platforms related to its Las Flores pipeline (the “Onshore Pipeline”) in California as of May 15, 2025. On May 21, 2025, Sable announced the pricing of its previously announced underwritten public offering of 8,695,654 shares of its common stock, by the Company at a price to the public of $29.50 per share (the “Public Offering”). The Company subsequently announced the closing of the Public Offering on May 23, 2025, with gross proceeds of approximately $295 million. On May 23, 2025, the California State Land Commission sent Sable a letter warning the Company that, “The [May 19] press release appears to mischaracterize the nature of recent activities, causing significant public confusion and raising questions regarding Sable’s intentions.” According to the letter, Sable had conflated offshore well testing activities required by a federal regulatory agency with the restart of operations. Then, on May 28, 2025, the Santa Barbara County Superior Court approved a preliminary injunction requested by the California Coastal Commission regarding Sable’s maintenance and repair work in the coastal zone related to its Onshore Pipeline. On this news, the price of Sable declined by $5.04 per share, or approximately 15%, from $32.93 per share on May 27, 2025, to close at $27.89 on May 28, 2025. If you purchased or otherwise acquired Sable securities, have information, or would like to learn more about this investigation, contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the contact form below to discuss your rights or interests with respect to these matters without any cost to you. [CONTACT FORM] Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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