Doximity, Inc. Class Action Settlement Notice and Details for Investors

Overview of Doximity, Inc. Class Action Settlement

On April 1, 2026, Bernstein Litowitz Berger & Grossmann LLP announced significant updates pertaining to a class action lawsuit involving Doximity, Inc. The United States District Court for the Northern District of California is currently handling this case, granting notice to all individuals who purchased or otherwise acquired Doximity's common stock between June 24, 2021, and August 8, 2023.

Details of the Class Action

The lawsuit was initiated following accusations against Doximity, its CEO Jeffrey Tangney, and other defendants for allegedly making materially false and misleading statements regarding the company’s stock performance and user engagement. Allegations stem from claims of discrepancies related to the percentage of doctors deemed 'active members' on their platform during the identified class period. The Lead Plaintiff, representing the interests of the shareholders, contends that these misstatements led to financial losses, thus violating federal securities laws, specifically Section 10(b) of the Securities Exchange Act of 1934.

Settlement Proposal

In a progressive move, a proposed settlement has been reached where Doximity will pay $31 million in cash should the court approve the terms. This settlement aims to resolve all claims held against the defendants, effectively protecting them from additional legal action concerning these issues. Importantly, Doximity continues to maintain its innocence and has denied allegations of wrongdoing in relation to the claims raised.

Upcoming Settlement Hearing

A crucial hearing is slated for June 10, 2026, at 9:00 AM Pacific Time, presided over by Judge Noël Wise. The hearing will determine whether the action can be certified as a class action, validate the settlement’s fairness, and discuss various other essential aspects such as the proposed Plan of Allocation for distributing the settlement funds. Participants may join the hearing in person at the San Jose Courtroom or via teleconference, as determined by the court's discretion.

Participation and Claims Process

Affected individuals are urged to pay attention to this notice as their rights will be directly influenced by the court's ruling. Settlement Class members, defined as those who acquired stocks within the specified time, are entitled to share in recovery proceeds. To participate, the submission of a Claim Form is required, which must be postmarked by July 16, 2026.

For those wishing to opt out of the settlement, a formal request must be submitted by May 20, 2026, ensuring no obligations or benefits from the settlement enter into effect.

Procedure for Objections

In the instance that individuals wish to contest the proposed settlement or other motions, it is imperative to submit corresponding objections to the court by the aforementioned deadline of May 20, 2026. All inquiries regarding the settlement must be directed to Lead Counsel or the Claims Administrator, and not to the court or any associated offices.

Conclusion

In essence, this notice serves as cautionary guidance for individuals who were shareholders of Doximity during the noted period. As the case unfolds, those affected are encouraged to stay informed on critical dates and processes that impact the settlement and their respective rights in the matter.