According to the Complaint, Sable Offshore Corp. operates in the offshore drilling business. This class action was filed against Sable, two of its Officers, and eight Underwriter Defendants.

Sable seeks to extract oil from the Santa Ynez field in federal waters off the Coast of California. The Company’s efforts to restart production in the Santa Ynez field have been marred by litigation, amid accusations that the Company has violated the California Coastal Act, resulting in environmental harm.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Defendants represented that Sable Offshore Corp. had restarted oil production off the coast of California when it had not; and (2) as a result, Defendants’ statements about Sable’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.