The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of DocGo Inc. (DCGO) Investors

The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired DocGo Inc. (“DocGo” or the “Company”) (NASDAQ: DCGO) securities between November 8, 2022 and September 17, 2023, inclusive (the “Class Period”). DocGo investors have until December 26, 2023 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On July 30, 2023, the New York Times reported that DocGo’s migrant relocation efforts in New York City had a “rocky” start, with asylum-seekers claiming threats and “broken promises” after DocGo had been awarded a $432 million Relocation Contract by the City. The article stated that “[l]ocal authorities have expressed frustration at the lack of coordination between DocGo and agencies that could provide services to the migrants; local security guards hired by DocGo have repeatedly threatened the migrants; and finding steady work has been nearly impossible[.]” On this news, DocGo’s stock price fell $0.53, or 6.3%, to close at $7.89 per share on July 31, 2023, thereby injuring investors.

Then, on August 22, 2023, the Albany Times Union reported that the New York Attorney General had opened an investigation into DocGo and had cautioned the Company to cease limiting migrants’ speech or movements, and had “serious concerns” regarding potential violations of state and federal laws in the Company’s handling of the Relocation Contract.

Then, on September 6, 2023, New York City Comptroller Brad Lander announced that his office was declining to approve the Relocation Contract “due to numerous outstanding concerns” including “[i]nsufficient budget detail to justify over $432 million in contract value,” “[i]nconclusive reasoning as to the selection of the vendor and contradictory statements about their fiscal ability to provide contracted services,” “[i]nadequate vendor responsibility determination, contract oversight and subsequent questions about proper service delivery,” and “[i]nadequate information regarding the selection of subcontractors.” On this news, DocGo’s stock price fell $0.61, or 7.5%, to close at $7.55 per share on September 6, 2023.