Both are correct English, but they mean different things.
Sought is the past participle of seek, it means to search. So, if someone "sought help" then they were looking for help:
After many years of substance abuse, she finally sought professional help
Sort is a different verb altogether. "Sorting things out" means figuring something out or putting things in order:
I will sort out this mess later
As for "this-could-have-serious-consequences lies" no, it is not correct as such. Over hyphenation seems to be an affliction that is rapidly taking at least some parts of the English speaking word. It is, in my humble opinion, both cumbersome and ugly and should be avoided. A more elegant way of saying the same thing would be:
Lies that could have serious consequences.