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DOCS.US
id: 1177
Doximity (DOCS) Masking Falling Sales Case
N.D. California
Court4:24-cv-02281
Case number09 Feb 2022
Class period Start01 Apr 2024
Class period End17 Jun 2024
Lead Plaintiff motion deadline- $DOCS stockholder filed a suit vs. Doximity for masking declining sales
- On April 1, 2024, Jehosaphat's disrobing report caused $DOCS to fall 4%, losing $135M+ of shareholder value over two days.
On April 1, 2024, Jehosaphat Research released a report on Doximity. The report claims that the Company’s healthcare advertising business is coming under pressure due to a variety of fundamental issues, evidenced by:
- Series of senior departures from the company: Chief Revenue Officer, Co-Founder, Controller;
- CFO’s refusal to discuss Doximity’s revenue accounting;
- KPIs (NRR, ROI) appear heavily edited;
- Rate of Company’s erroneous doctor profiles exploding in recent years;
- Successful competition from LinkedIn.
On this news, $DOCS fell 4+%, losing $135M+ of its market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect Doximity of false reporting, which led to their losses.
The case is already in N.D. California court.
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
02 April 2024
Filing date
17 April 2024
Lead Plaintiff Deadline
17 June 2024