The lattice Boltzmann method (LBM) has been used to investigate multiphase phenomena including phase separation and cavitation (Sukop and Or, 2005) and to reproduce boiling curves (i.e., heat flux vs. superheat) (Li et al., 2015). The most commonly used multiphase LBM model in these works is the model of Shan and Chen (1993). Here a simple long-range interaction force between neighboring particles is introduced and incorporated into the LBM framework. The Shan-Chen equation of state (EoS) is derived using the proposed interaction force. However, this EoS does not use temperature and cannot be related to real fluid systems. Use of a conventional EoS such as Peng-Robinson is investigated in subsequent studies (Yuan and Schaefer, 2006; Li et al., 2023). These studies report that stability is an issue because of spurious currents, and remedies are proposed. In this work, we evaluate the Shan-Chen model with cubic EoS for stability and report on issues related to stability and accuracy arising from the EoS itself as well as from the incorporation of the EoS into the LBM. Further, we evaluate the stability of LBM with the Shan-Chen EoS in the presence of a body force. Clearly, using the LBM confidently for multiphase engineering applications remains challenging.