Sable Offshore Investor Sues Over California Pipeline Delay (2)

Sable Offshore Corp. mischaracterized that it had restarted oil production off the California coast before being called out by the state’s lieutenant governor and court pauses, an investor’s proposed class action said.

Sable said May 19 that it had resumed production at its Santa Ynez Unit and began flowing to Las Flores Canyon days before commencing an underwritten public stock offering. But Sable hadn’t restarted commercial production there, said the shareholder’s complaint filed in the US District Court for the Central District of California Monday. That misrepresentation, echoed in the offering paperwork, wrongly inflated its pricing and spurred investor losses ...