DOCS Investor Alert: Doximity, Inc. Securities Class Action Notice - Contact Levi & Korsinsky

Important notice regarding alleged Newsfeed revenue misrepresentations: the lawsuit contends Doximity overstated how much its flagship advertising product contributed to growth while allegedly relying on the "light engagement" ad formats the Company publicly disavowed

NEW YORK, Oct. 05, 2026 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP notifies investors in Doximity, Inc. (NYSE: DOCS) that a class action lawsuit has been filed on behalf of shareholders who purchased securities between August 8, 2024 and May 13, 2026. Find out if you could qualify to recover your losses. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

Three disclosure events removed roughly $19 per share of value from DOCS in roughly six months: a 13% decline on November 7, 2025, a 17% decline on February 6, 2026, and a 23% decline on May 14, 2026. Applications to serve as lead plaintiff must be filed by November 16, 2026.

The Alleged Newsfeed Revenue Attribution Methodology

Doximity sells marketing subscriptions to pharmaceutical and hospital customers under a proprietary "cost-per-target" structure, and told investors the vast majority of those ads run on its social-style Newsfeed. According to the lawsuit, the Company overstated the impact the Newsfeed had on revenue growth while describing it as both the "biggest revenue driver" and its "most used and most monetized product."

How Alleged Newsfeed Overstatement Affected Reported Growth

The complaint alleges that record engagement figures were presented to the market quarter after quarter even as the growth those figures were said to drive did not materialize. Doximity lowered fiscal 2026 revenue guidance on February 5, 2026, then reported on May 13, 2026 that it missed the reduced guidance and projected a significantly slower pace of growth for fiscal 2027.

Key Newsfeed Disclosure Allegations for Shareholders

• Quarterly revenue growth was repeatedly attributed to "all-time record" Newsfeed activity, including more than 1 million quarterly active prescribers and double-digit growth in articles read or tapped.
• Doximity marketed itself as a "deep engagement" platform built on clicks rather than passive impressions, the lawsuit contends.
• Publicly accessible Company materials stated "you won't find any banner ads on Doximity" and that the Company does not "bombard physicians with ads and messages in hopes of getting lucky."
• In truth, according to the lawsuit, the Company relied heavily on banner advertising and email newsletter distribution, the same light engagement formats it publicly disavowed.
• The action asserts claims under Section 10(b) of the Securities Exchange Act of 1934, Rule 10b-5, and Section 20(a).
  
  

"This case presents important questions about revenue attribution and engagement disclosure obligations in the digital health advertising sector. The complaint alleges that shareholders were told the Newsfeed was the single biggest driver of growth while materially different advertising methods were allegedly in use." -- Joseph E. Levi, Esq.

Submit your information here or call (212) 363-7500.

WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.

Frequently Asked Questions About the DOCS Lawsuit

Q: Who is eligible to join the DOCS investor lawsuit? A: Investors who purchased DOCS stock or securities between August 8, 2024 and May 13, 2026 and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses, not on whether you still hold the shares.

Q: What is the DOCS lead plaintiff deadline? A: The deadline to apply for lead plaintiff appointment is November 16, 2026. This deadline applies only to investors seeking to serve as lead plaintiff. Class members who do not apply may still participate in any recovery without taking action before this date.

Q: How much did DOCS stock drop? A: The complaint alleges a connection between three drops: shares fell approximately 13%, or $8.29 per share, on November 7, 2025; a further roughly 17% decline, $5.59 per share, on February 6, 2026; and a third drop of about 23%, or $5.38 per share, on May 14, 2026. Investors who purchased shares during the Class Period at artificially inflated prices and suffered losses may be eligible to seek compensation.

Q: What do DOCS investors need to do right now? A: Investors may gather brokerage records showing purchase dates, share quantities, and prices paid. Submit your information for a no-cost, no-obligation evaluation of your potential recovery. No immediate action is required to remain eligible as an absent class member.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

Q: What if I already sold my DOCS shares, can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.

Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. If there is a settlement or recovery, eligible class members generally submit a claim form to seek their portion.

Q: What does it cost me to participate? A: There is no upfront cost to submit your information and review whether you may be eligible to recover. Should you choose to participate in the securities class action, they are generally handled on a contingency basis, with any attorneys' fees and expenses subject to court approval.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

33 Whitehall Street, 27th Floor

New York, NY 10004

jlevi@levikorsinsky.com

Tel: (212) 363-7500

Fax: (212) 363-7171

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