Sable Offshore Leaders Sued Over Claimed Oil Pipeline Restart

Sable Offshore Corp. directors and executives, and underwriters of the oil and gas producer’s secondary public offering, harmed the company by prematurely claiming it was restarting oil production off the California coast, an investor alleges.

Sable hadn’t obtained the necessary permissions, leading to fallout that included letters from state regulators and a series of stock selloffs, Bryce Kelly says on behalf of the company. He filed his derivative suit Thursday in the US District Court for the Central District of California.

The financial hit to the company includes litigation defense costs, potential liability in a proposed class action filed in ...