According to the Complaint, Doximity, Inc.'s business is based upon a social media-like platform that provides connections between medical professionals, offers medical professionals valuable information to assist them in treating patients, and helps medical professionals schedule patient visits.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about the Company’s business and operations. Specifically, the Complaint alleges 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 Doximity’s reliance on “upselling” products and services (such as additional advertising) to existing customers to sustain the Company’s performance and future growth.

On July 3, 2024, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on October 4. Defendants filed a Motion to Dismiss the consolidated Complaint on December 3.