Sable Offshore disclosed that the Securities and Exchange Commission (SEC) and U.S. Attorney’s Office for the Southern District of New York (SDNY) have served the company with subpoenas in response to allegations of advance information being shared selectively among company insiders late last October.
In financial statements submitted with investors and the SEC on February 3, Sable confirmed the existence and cause of these subpoenas. “The company is providing documents and cooperating with the government requests,” the report stated.
Last October, Sable downplayed the significance of the revelations — first reported in the online financial news source and trading operation Hunterbrook Media — while announcing an internal review of what happened. But in this week’s filing —also reported by Hunterbrook—the company stated, “If the SEC or SDNY were to conclude that an enforcement action is appropriate, the SEC could impose civil penalties and fines, and other sanctions against our current and former officers and directors. The SDNY could impose criminal penalties.”