Investor Alert

Kessler Topaz Meltzer & Check, LLP Files a Securities Fraud Class Action Lawsuit Against Doximity, Inc. and Encourages Investors With Losses to Contact the Firm (NYSE: DOCS) - Seite 2

In explaining this about-face, Defendant Bryson admitted that the Company’s “major upsells have materially underperformed, and we expect this to continue in the near term.” Defendant Tangney further explained that Doximity failed to close sales due, in part, to “fewer face-to-face meetings with our clients.” On this news, the price of Doximity common stock declined $7.49 per share, or nearly 23%, from a close of $32.79 per share on August 8, 2023, to close at $25.30 per share on August 9, 2023.

Investors learned more about the unsustainability of the Company’s revenue growth on April 1, 2024, when Jehoshaphat Research published a report alleging, among other things, that “Doximity’s underlying sales . . . are declining at a negative -3-6% rate, but that this decline has been masked through accelerated revenue recognition.” On this news, the price of Doximity common stock declined $1.11 per share, or more than 4% over two trading-days, from a close of $26.91 per share on March 28, 2024, to close at $25.80 per share on April 2, 2024.

WHAT CAN I DO?

Doximity investors may, no later than June 17, 2024, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Doximity investors who have suffered significant losses to contact the firm directly to acquire more information.

CLICK HERE TO SIGN UP FOR THE CASE

WHO CAN BE A LEAD PLAINTIFF?

A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries.