Disclosure under scrutiny: the securities action challenges whether Doximity’s public assurances that investors “won’t find any banner ads” and that it had no e-newsletter product were adequate, while the Company allegedly relied on those very light-engagement advertising formats.

NEW YORK, Oct. 7, 2026 /PRNewswire/ — Levi & Korsinsky, LLP notifies investors in Doximity, Inc. (NYSE: DOCS) that a securities class action was filed on behalf of shareholders who purchased common stock between August 8, 2024 and May 13, 2026. Submit your information now. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

DOCS holders absorbed three separate declines: $8.29 per share (13%) on November 7, 2025; $5.59 per share (17%) on February 6, 2026; and $5.38 per share (23%) on May 14, 2026. The deadline to seek appointment as lead plaintiff is November 16, 2026.

What the Company Disclosed

Throughout the Class Period, Doximity’s publicly accessible media kit and “About Us” page stated that “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.” On a May 15, 2025 earnings call, when an analyst asked about engagement through an e-newsletter, management responded that the Company does not have an e-newsletter product. SEC filings and investor calls described the Newsfeed as Doximity’s “most used and most monetized product,” citing record quarterly active prescribers and double-digit growth in articles read or tapped.

What Plaintiffs Allege Was Missing

The complaint challenges the adequacy of that disclosure language, alleging that Doximity relied heavily on both banner ads and email newsletters while overstating the impact the Newsfeed had on revenue growth. Disclosure language indicated a “deep engagement” model built on clicks, the action claims, without revealing that the Company was losing market share to competitors offering more favorable pricing and engagement models.

Disclosure Gaps Alleged

• Public statements that no banner ads appear on the platform, against alleged reliance on banner formats
• The stated absence of any e-newsletter product, against alleged use of email campaign advertising
• “Deep engagement” positioning that allegedly did not reflect the light-engagement methods in use
• Newsfeed’s contribution to revenue growth allegedly presented as larger than it was
• Competitive position described in terms of gaining share while programmatic and social formats were allegedly taking share
• Cost-per-target pricing and net revenue retention trends allegedly discussed without disclosing shifting customer budget deployment

Regulatory Reality

The action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5. In practical terms, purchasers who acquired DOCS shares at allegedly inflated prices during the Class Period may seek to recover the losses tied to the subsequent declines.

“Generic assurances about advertising quality cannot substitute for disclosing specific, known conditions that are already affecting a company’s business. This action challenges statements that investors would not find banner ads on the platform and that no e-newsletter product existed, and whether those disclosures told shareholders what they needed to know is central to the case.” — Joseph E. Levi, Esq.

Find out if you might qualify to recover losses 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: What specific misstatements does the DOCS lawsuit allege? A: The complaint alleges Doximity made materially false or misleading statements regarding the revenue impact of its “Newsfeed” product, its competitive position, and its stated avoidance of banner ads and e-newsletter advertising during the Class Period. When the Company disclosed that it missed its already-reduced fiscal 2026 revenue guidance and projected significantly slower growth for fiscal 2027, the stock price declined sharply.

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 court was the DOCS class action filed in? A: The case was filed in the United States District Court for the Northern District of California, governed by the Private Securities Litigation Reform Act of 1995.

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 documents do I need to to submit my information? A: Brokerage statements or trade confirmations showing purchase dates, share quantities, prices paid, and any subsequent sale dates and prices.

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: 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.

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.

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

Attorney Advertising. Prior results do not guarantee similar outcomes.

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