Sable Offshore Shareholder Class Action Lawsuit

Oklahoma City, OK (November 3, 2025) – Federman & Sherwood, a national litigation firm with deep experience representing individuals, shareholders and consumers in complex matters, today announced that it has opened a preliminary investigation into the conduct of Sable Offshore Corp. (“Sable” or the “Company”) in light of new reporting by Hunterbrook Media that raises serious concerns about Sable’s disclosures and regulatory posture.

The Sable Offshore class action lawsuit seeks to represent purchasers or acquirers of Sable Offshore Corp. (NYSE: SOC) publicly traded securities.

According to the Hunterbrook Media article, Sable held a leaked conference call in October in which CEO Jim Flores reportedly told a select group of investors that the Company may need to raise up to $200 million in equity by the end of 2025 — information that had not been publicly disclosed at that time. The article further alleges that the Company shared this and other material information with a limited subset of investors (including professional golfer Phil Mickelson), while the broader market may not have received notice at the same time — raising questions about potential violations of the Securities and Exchange Commission’s Regulation FD (fair disclosure).

In addition, the reporting highlights that Sable’s only significant asset is the Santa Ynez Unit (three offshore platforms and an onshore/offshore pipeline system) acquired from Exxon Mobil Corporation in February 2024 for approximately $988 million, financed in large part by a $625 million loan from Exxon. The asset was previously shut down by Exxon following a major pipeline rupture in 2015 and extensive regulatory and legal hurdles.

Hunterbrook further reports that Sable is facing regulatory risk: if the Company fails to restart production by March 1, 2026 (per the transaction terms), the asset would revert to Exxon without compensation. There are also allegations that Sable has attempted to evade or circumvent local regulatory review (in Santa Barbara County and by the California State Fire Marshal) by submitting alternative plans to avoid County approval.

The conduct described in the Hunterbrook report — selective disclosure of material information, significant dilution without timely public notice, and a business model built around a high-risk asset with substantial regulatory exposure — merits a full and independent examination.

Sable Offshore Investigated by Federman & Sherwood Following Selective-Disclosure Allegations and Regulatory Risks

Federman & Sherwood is gathering and reviewing all relevant public filings, communications, and investor disclosures related to Sable’s recent equity-raising plans, pipeline asset acquisition, and regulatory approvals or delays.

• The investigation will examine whether Sable’s conduct may give rise to legal claims including but not limited to: violations of securities laws (including Regulation FD), fiduciary breaches by management or the board, mis-statements or omissions in public disclosures, and failure or risk of failure of regulatory compliance.
• The firm is inviting anyone who believes they may have been impacted by Sable’s actions — including current or former shareholders, bondholders, or counterparties — to contact the firm for a free case review.

If you wish to discuss this action, obtain additional information, or have questions concerning this notice or your rights, please contact us.

CONTACT FEDERMAN & SHERWOOD

Attorney Sara Collier is widely regarded as a leading attorney in the field of derivative shareholder litigation. She is driven by a deep commitment to ensuring that boards of directors and corporate executives of publicly traded companies answer to the shareholders they serve.

With over ten years of experience pursuing derivative cases nationwide—particularly in Delaware, the home jurisdiction for many major corporations—Ms. Collier has developed a reputation for skillfully pushing even the largest companies toward stronger transparency and accountability in their corporate governance.

Phone: (405) 235-1560
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