Doximity, Inc. 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. Doximity frequently is referred to as the LinkedIn for doctors. The platform is free to its medical professional members (with a few small exceptions) and generates revenue largely from “customers” such as pharmaceutical companies and health systems, by allowing them to promote their services and products to platform users. Doximity charges a subscription fee for its services and offers multiple “modules” to allow its customers to advertise their products. The Company also offers hiring services to its customers.

According to a recently filed securities fraud class action complaint, Doximity, via certain of its officers and directors,  made materially false and/or misleading statements as well as failed to disclose material adverse facts about the Company's business and operations by repeatedly touting 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.

Current Doximity shareholders who have held Doximity shares since prior to February 9, 2022 can seek corporate reforms, the return of funds back to the company, and a court approved incentive award at no cost to them whatsoever.

If you would like to learn more about this matter, you are encouraged to contact us at [email protected], or call 267-507-6085.