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DOCS.US
id: 1177
Doximity (DOCS) Masking Falling Sales Case
Eligible claimants can submit their claims for compensation.
$31,000,000
Cash SettlementN.D. California
Court5:24-cv-02281
Case number06/24/2021
Class period Start08/08/2023
Class period End07/16/2026
Claim deadline- $DOCS stockholder filed a suit vs. Doximity for masking declining sales
- On April 1, 2024, Jehosaphat's disrobing report caused $DOCS to fall 4%, losing $135M+ of shareholder value over two days.
On April 1, 2024, Jehosaphat Research released a report on Doximity. The report claims that the Company’s healthcare advertising business is coming under pressure due to a variety of fundamental issues, evidenced by:
- Series of senior departures from the company: Chief Revenue Officer, Co-Founder, Controller;
- CFO’s refusal to discuss Doximity’s revenue accounting;
- KPIs (NRR, ROI) appear heavily edited;
- Rate of Company’s erroneous doctor profiles exploding in recent years;
- Successful competition from LinkedIn.
On this news, $DOCS fell 4+%, losing $135M+ of its market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect Doximity of false reporting, which led to their losses.
The case is already in N.D. California court.
Case Type
US Securities Class Action
Case Status
Accepting Claims
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.32
Filing date
04/17/2024
Lead Plaintiff Deadline
06/17/2024
Plaintiffs
Peter A. Kissler
Attorneys
Kessler Topaz Meltzer & Check LLP (Radnor, PA)
Defendants
Jeffrey Tangney, Anna Bryson
Administrator
A.B. Data Ltd
Settlement agreement date
2025-12-29
Court hearing date
06/10/2026
Exclusion deadline
05/20/2026
Objection deadline
05/20/2026
Attorney fee
$8,600,000
Trades matching type
FIFO
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