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DOCS.US
id: 1177

Doximity (DOCS) Masking Falling Sales Case

N.D. California
Court
3:24-cv-02281
Case number
09 Feb 2022
Class period Start
01 Apr 2024
Class period End
17 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
Collecting participants…

Doximity Inc

Doximity, Inc. operates a cloud-based digital platform for medical professionals in the United States. The company's platform provides its members with tools built for medical professionals, enabli...

    Ticker
    DOCS.US
    ISIN
    US26622P1075
    CIK
    1516513
    Sector
    Healthcare
    Industry
    Health Information Services
    Country
    USA
    Address
    500 3rd Street, San Francisco, CA, United States, 94107