NEW YORK, April 18, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Doximity, Inc. ("Doximity" or "the Company") (NYSE:DOCS) and certain of its officers.
Class Definition:
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Doximity securities between February 9, 2022 and April 1, 2024, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/DOCS.
Case Details:
According to the Complaint, Doximity operates a digital platform that provides connections between, medical information to, and patient scheduling tools for medical professionals. Doximity serves more than 2 million registered members including over 80% of U.S. physicians and over 50% of nurse practitioners and physician assistants.
The Complaint alleges that throughout the Class Period Defendants made materially false and/or misleading statements as well as failed to disclose material adverse facts about the Company's business and operations. Specifically, Doximity repeatedly touted the Company's business prospects and the sustainability of the Company's revenue growth and profitability while downplaying (1) the impact of competition and tightening macroeconomic conditions on the Company and (2) Doximity's reliance on "upselling" products and services (such as additional advertising) to existing customers to sustain the Company's performance and future growth.
On February 9, 2022, according to the Complaint, Doximity released its quarterly financial results for the third quarter of fiscal year 2022, which ended December 31, 2021, after the market closed the night prior. During the accompanying quarterly investor earnings call afterhours on February 8, 2022, the Company's Chief Financial Officer (CFO) emphasized that "marketers have ...