DOXIMITY, INC. (NYSE: DOCS) DEADLINE ALERT: Bernstein

NEW YORK, May 28, 2024 (GLOBE NEWSWIRE) – Bernstein Liebhard LLP:

• Do you own or have you owned shares of Doximity, Inc. (NYSE: DOCS)?
• Did you purchase your shares between February 9, 2022 and April 1, 2024 (inclusive)?
• Did you lose money on your investment in Doximity, Inc.?
• Would you like to talk about your rights?

Bernstein Liebhard LLP, a nationally recognized investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a class action lawsuit on behalf of investors who purchased common stock of Doximity, Inc. (“Doximity” or the “Company”) (NYSE: DOCS) between 9 February 2022 and 1 April 2024inclusive (the “Claim Period”). The lawsuit was filed in the U.S. 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 Have purchased or acquired Doximity common stock and/or wish to discuss your legal rights and options please visit the Doximity, Inc. Shareholder Class Action Lawsuit or contact the Investor Relations Manager. Peter Allocco at (212) 951-2030 or [email protected].

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 who directs the litigation on behalf of other class members. Your ability to share in any recovery is not dependent on your serving as lead plaintiff. If you choose not to take action, you may remain an absent class member.

According to the complaint, the defendants have 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 and the fact that Doximity relies on “upselling” products and services (such as additional advertising) to existing customers to maintain its performance and future growth.

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

Following 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 claiming, among other things, that “Doximity’s underlying revenues… decreasing with a negative rate of -3-6%, but () this decline was masked by accelerated revenue recognition.”

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

If you Have purchased or acquired Doximity common stock and/or wish to discuss your legal rights and options please visit the Doximity, Inc. Shareholder Class Action Lawsuit or contact the 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 nation’s largest public and private pension funds to oversee their assets and litigate on their behalf. Because of its success in litigating hundreds of trials and class action cases, the firm has been named to the National Law Journal’s “Plaintiffs’ Hot List” thirteen times and has been listed in The Legal 500 for sixteen consecutive years.

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

Contact information:

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