Lawsuit filed for Investors who lost money with shares of Doximity, Inc. (NYSE: DOCS)

An investor, who purchased shares of Doximity, Inc. (NYSE: DOCS), filed a lawsuit over alleged violations of Federal Securities Laws by Doximity, Inc. in connection with certain allegedly false and misleading statements.

Invesors who purchased shares of Doximity, Inc. (NYSE: DOCS) have certain options and for certain investors are short and strict deadlines running. Deadline: June 17, 2024. NYSE: DOCS investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

San Francsico, CA based Doximity, Inc. operates a cloud-based digital platform for medical professionals in the United States.

On February 9, 2022, Doximity announced its quarterly financial results for the third quarter of fiscal year 2022, which ended December 31, 2021.

During the February 8, 2022 quarterly investor earnings call, the Company's Chief Financial Officer, emphasized that "marketers have been able to witness the value of running these digital programs" and that it was this "value that's the main reason we're seeing this sustained demand from our customers and not new [COVID] variants." To this end, Company's Chief Financial Officer further assured investors that the Company was "focused on . . . really building a business that can provide years of sustainable growth with high margins."

Doximity, Inc. reported that its Total Revenue rose from $343.54 million for the 12 months period that ended on March 31, 2022, to $419.05 million for the 12 months period that ended on March 31, 2023, and that its Net Income declined over those respective time periods from $154.78 million to $11.81 million.

On August 8, 2023, after the market closed, Doximity, Inc. reported its first quarter 2024 financial results, and revenues and also revised guidance for fiscal 2024. In pertinent part, it announced that it now expects revenue of $452M-$468M versus the prior estimate of $503 million. Doximity, Inc. announced that it would reduce its workforce by approximately 10%. The Company further noted that the workforce reduction is expected to cost approximately $8 million to $10 million.

Shares of Doximity, Inc. (NYSE: DOCS) declined from $40.12 per share on Februar 02, 2023, to as low as $19.71 per share on September 25, 2023.

On April 1, 2024, 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."

The plaintiff claims that between February 9, 2022, and April 1, 2024, the Defendants repeatedly touted the Company's business prospects and the sustainability of the Company's revenue growth and profitability, while downplaying the impact of competition and tightening macroeconomic conditions on the Company and Doximity's reliance on "upselling" products and services (such as additional advertising) to existing customers to sustain the Company's performance and future growth.

Those who purchased shares of Doximity, Inc. (NYSE: DOCS) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.