NEW YORK, April 18, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:

• Do you, or did you, own shares of Doximity, Inc. (NYSE: DOCS)?
  
• Did you purchase your shares between February 9, 2022 and April 1, 2024, inclusive?
  
• Did you lose money in your investment in Doximity, Inc.?
  
• Do you want to discuss your rights?

Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of Doximity, Inc. (“Doximity” or the “Company”) (NYSE: DOCS) between February 9, 2022 and April 1, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you purchased or acquired Doximity common stock, and/or would like to discuss your legal rights and options please visit Doximity, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or [email protected].

According to the Complaint, Defendants repeatedly touted the Company’s business prospects and the sustainability of its revenue growth and profitability, while downplaying both the impact of competition and tightening macroeconomic conditions, as well as Doximity’s reliance on “upselling” products and services (such as additional advertising) to existing customers to sustain performance and future growth.

On August 8, 2023, after the market closed, Doximity provided disappointing guidance for the second quarter of fiscal year 2024 and slashed its guidance for the full fiscal year 2024. In conjunction with the disappointing guidance, Doximity announced that it would reduce its workforce by approximately 10%.

On this news, Doximity’s stock price fell $7.49 per share, or nearly 23%, to close at $25.30 per share on August 9, 2023.

Then, 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 [] this decline has been masked through accelerated revenue recognition.”

On this news, Doximity’s stock price fell almost 2%, closing at $25.80 per share on April 1, 2024.

If you wish to serve as lead plaintiff, you must move the Court no later than June 17, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

If you purchased or acquired Doximity common stock, and/or would like to discuss your legal rights and options please visit Doximity, Inc. Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or [email protected].

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.

ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information:

Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
[email protected]