Class Action Alert: Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District Court for Northern District of California against Doximity, Inc.

Upcoming Lead Plaintiff Deadline is June 17, 2024

NEW YORK, April 29, 2024 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein") announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of all persons and entities who purchased securities of Doximity, Inc. ("Doximity" or the "Company") (NYSE: DOCS) common stock between February 9, 2022 and April 1, 2024, inclusive (the "Class Period")

All investors who purchased shares and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses, you may, no later than June 17, 2024, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

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Doximity provides a cloud-based, digital platform and tools for U.S. medical professionals, which purports to help them collaborate with colleagues, coordinate patient care, conduct virtual patient visits, stay up to date with medical news and research, and manage careers.

The filed Complaint alleges that, throughout the Class Period, Defendants repeatedly touted the Company's business prospects and the sustainability of the Company's revenue growth and profitability, while downplaying the impact of competition and tightening macroeconomic conditions on the Company and its reliance on "upselling" products and services (such as additional advertising)
to existing customers to sustain its performance and future growth.

On August 8, 2023, after the market closed, the Company reported its financial results for the first quarter of fiscal year 2024, which ended on June 30, 2023. While the Company exceeded its quarterly revenue and adjusted EBITDA guidance for the first quarter, the Company provided disappointing guidance for the second quarter of fiscal year 2024 and slashed its guidance for the full fiscal year 2024.

On this news, the price of Doximity common stock declined $7.49 per share, or nearly 23%, from a close of $32.79 per share on August 8, 2023, to close at $25.30 per share on August 9, 2023.

On April 1, 2024, Jehoshaphat Research published a research report alleging, among other things, that Doximity's "underlying sales . . . are declining at a negative -3-6% rate, but that this decline has been masked through accelerated revenue recognition."

On this news, the price of Doximity common stock declined $1.11 per share, or more than 4% over two trading days, from a close of $26.91 per share on March 28, 2024, to close at $25.80 per share on April
2, 2024.

Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP