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

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A lawsuit was filed in the U.S. District Court for the Northern District of California by an investor who bought shares of Doximity, Inc. (NYSE: DOCS) alleging that the company violated federal securities laws in relation to some allegedly false and misleading statements made between February 9, 2022, and April 1, 2024.

You have specific options, and for some investors, there are tight deadlines, if you bought a sizable quantity of Doximity, Inc. (NYSE: DOCS) shares between February 9, 2022, and April 1, 2024, and/or if you bought any NYSE: DOCS shares before February 2022 and you still own any of those shares. Closing date: June 17, 2024. NYSE: DOCS investors can reach out to the Shareholders Foundation by phone at (858) 779-1554 or by email at [email protected].

Doximity, Inc., a San Francisco, California-based company, runs a cloud-based digital platform for American medical practitioners.

Doximity released its quarterly financial results for the third quarter of its fiscal year 2022, which concluded on December 31, 2021, on February 9, 2022.

The company’s chief financial officer stressed during the quarterly investor earnings call on February 8, 2022, that marketers have been able to observe the value of running these digital programs and that it is primarily due to this value—rather than new [COVID] variants—that we are seeing this sustained demand from our customers. Towards this aim, the Chief Financial Officer of the company gave investors additional reassurance that the company was concentrated on constructing a firm that can yield years of steady development and substantial profits.

According to Doximity, Inc., its Net Income decreased from $154.78 million to $11.81 million during the corresponding time periods, while its Total Revenue increased from $343.54 million to $419.05 million for the 12-month period ending on March 31, 2022.

Doximity, Inc. released its first quarter 2024 financial results, revenues, and updated fiscal 2024 guidance on August 8, 2023, following the closing of the market. Relevantly, it declared that, instead of the previous forecast of $503 million, it now anticipates revenue of $452 million to $468 million. Doximity, Inc. declared that it would lay off about 10% of its employees. The Company added that it anticipates spending between $8 million and $10 million on the employment decrease.

Doximity, Inc. (NYSE: DOCS) saw a decrease in share price from $40.12 on February 02, 2023, to as low as $19.71 on September 25, 2023.

Jehoshaphat Research released a report on April 1, 2024, in which they claimed, among other things, that Doximity’s underlying sales are dropping at a negative rate of -3 to 6%, but that expedited revenue recognition is masking this loss.

In the complaint, the plaintiff claims that the defendants broke federal securities laws while selling common shares of Doximity, Inc. (NYSE: DOCS) to buyers between February 9, 2022, and April 1, 2024. The plaintiff argues that the Defendants repeatedly praised the Company’s business prospects and the sustainability of its revenue growth and profitability between February 9, 2022, and April 1, 2024. They downplayed the impact of competition and tightening macroeconomic conditions on the Company, as well as Doximity’s reliance on upselling existing customers on products and services (such as more advertising) in order to maintain the Company’s performance and future growth.

Shareholders Foundation should be contacted by those who bought shares of Doximity, Inc. (NYSE: DOCS) since they have certain alternatives.

Get in touch with Investors Foundation, Inc.Michael Daniels: +1-(858)-779-1554; 3111 Camino Del Rio North, Suite 42392108, San Diego(858)[email protected] is the fax number.

About The Shareholders Foundation, Inc.: We are a professional portfolio monitoring and settlement claim filing service that keeps investors informed about securities class actions, settlements, judgments, and other legal news pertaining to the stock and financial markets. We also conduct research on shareholder issues. With a vast network of contacts, Shareholders Foundation, Inc. provides support, guidance, and aid to each and every shareholder. It is not a law firm, The Shareholders Foundation, Inc. The Shareholders Foundation is not involved in the filed, reached, or settled cases, investigations, or settlements mentioned. The information is provided as a public service. It should not be relied upon and is not meant to be legal advice.

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