Robbins LLP and Bernstein Litowitz Berger & Grossmann LLP, along with other law firms, filed a class-action lawsuit against Doximity Inc. The suit represents investors. It alleges Doximity made false and misleading statements about its business prospects. These statements occurred between August 8, 2024, and May 13, 2026.
The lawsuit claims Doximity failed to disclose its loss of market share to competitors. These competitors offered better pricing and engagement models. The complaint further alleges Doximity overstated its "Newsfeed" as a primary revenue driver. It also falsely claimed it did not rely on email newsletters and banner ads. These alleged misrepresentations artificially inflated the company's stock price.
The suit cites company disclosures on November 6, 2025, and February 5, 2026. Doximity signaled a slowdown in sales growth and lowered revenue guidance during these periods. Following the November 6, 2025, disclosure, Doximity's stock price fell by approximately 13%.