10 Stocks Crash Harder Than Wall Street

3. Sable Offshore Corp. (NYSE:SOC)

Sable Offshore saw its share prices decrease by 15.31 percent on Wednesday to end at $27.89 apiece after the California Coastal Commission secured a preliminary injunction against the company’s pipeline repair and maintenance activities within the coastal zone of Santa Barbara County.

The news raised concerns about project delays and additional costs for Sable Offshore Corp. (NYSE:SOC) anew.

The legal proceedings stemmed from claims that the company did not secure necessary coastal development permits for the ongoing repair and maintenance on the Las Flores oil facility, which was ordered shut in 2015 following an oil spill from a ruptured pipeline that released 450,000 gallons of oil near Refugio State Beach.

The injunction halts Sable Offshore Corp. (NYSE:SOC) from continuing works for the Las Flores facility until it secures a new, operative CDP or other form of Coastal Act authorization.