Doximity, Inc. NYSE: DOCS

A securities fraud class action lawsuit has been filed against Doximity, Inc. (“Doximity” or the “Company”) (NYSE: DOCS) on behalf of shareholders who purchased or otherwise acquired the Company’s securities between August 8, 2024 and May 13, 2026, inclusive (the “Class Period”). Doximity operates a digital platform for U.S. medical professionals offering clinical communication, telehealth, scheduling, and related tools, and generates advertising revenue from pharmaceutical and healthcare marketers through the platform, including its “Newsfeed” product.

The complaint alleges that, throughout the Class Period, defendants overstated the extent to which Newsfeed was driving the Company’s advertising revenue growth, and did not adequately disclose that Doximity was losing advertiser share to competitors offering more favorable pricing and engagement terms, and that a meaningful portion of the Company’s advertising revenue continued to depend on more traditional formats, such as banner ads and email newsletters, rather than the engagement-driven growth the Company’s statements suggested.

On November 6, 2025, Doximity reported second-quarter fiscal 2026 results that, despite otherwise solid performance, included management commentary expressing caution about the outlook for advertising spending; on this news, shares fell approximately 13%. On February 5, 2026, Doximity lowered its full-year fiscal 2026 revenue guidance, disclosing that sales growth had decelerated and that net income had contracted; on this news, shares fell approximately 17%. Then, on May 13, 2026, Doximity reported results that missed its already-reduced guidance and projected a further slowdown in growth; on this news, shares fell approximately 23%, from $23.39 to $18.01.