SAN FRANCISCO, CA – (November 9, 2023) – National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in DocGo Inc. (“DocGo” or the “Company”) (Nasdaq: DCGO) who suffered losses from purchasing or otherwise acquiring the securities of DocGo between November 8, 2022 and September 17, 2023 to contact us immediately regarding a pending securities fraud class action against DocGo. The deadline to apply to be lead plaintiff is December 26, 2023.
Class Period: November 8, 2022 – September 17, 2023
Lead Plaintiff Motion Deadline: December 26, 2023
Case information: lieffcabraser.com/securities/docgo
Contact us: Email or text investorinfo@lchb.com or call 1-800-541-7358
DocGo provides mobile health and medical transportation services. In spring 2023, the city of New York awarded a no-bid $432 million contract (the “Relocation Contract”) to DocGo to house international migrants and provide them with case management, medical care, food, transportation, lodging, and security services.
The action alleges that, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (i) DocGo failed to adequately vet the professional and academic backgrounds of job candidates; (ii) this failure increased the likelihood of executive turnover; (iii) the Company overstated the efficacy of the mobile health and medical transportation services, the same services contemplated by the Relocation Contract; and (iv) the revelation of these issues would likely cause reputational harm and/or regulatory scrutiny that would negatively impact the Company’s financial position and/or prospects.
On Sunday, July 30, 2023, the New York Times reported that there was “rocky” start to DocGo’s migrant relocation assistance in New York City, noting that “[l]ocal authorities have expressed frustration at the lack of coordination between DocGo and agencies that could provide services to the migrants; local security guards hired by DocGo have repeatedly threatened the migrants; and finding steady work has been nearly impossible[.]” On this news, the price of DocGo stock fell $0.36 per share, or 4.11%, from a previous closing price of $8.75 on July 28, 2023, to close at $8.39 per share on July 31, 2023, on elevated trading volume.
On August 22, 2023, the Albany Times Union reported that the Attorney General of New York commenced an investigation into DocGo and warned the Company to cease limiting migrants’ speech or movement.
On September 6, 2023, the New York City Comptroller’s Office announced that it was declining to approve the Relocation Contract. On this news, the price of DocGo stock fell $0.61 per share, or 7.47%, from a closing price of $8.16 on September 5, 2023, to close at $7.55 per share on September 6, 2023, on heavy trading volume.
On September 14, 2023, the Albany Times Union reported that Anthony Capone, DocGo’s then- Chief Executive Officer (“CEO”), had misrepresented his educational history.
On September 15, 2023, DocGo announced Capone’s resignation as CEO. On this news, the price of DocGo’s stock fell $0.76, or 11.76%, from a previous closing price of $6.46, to close at $5.70 per share on September 15, 2023, on heavy trading volume.
On September 18, 2023, the New York City Comptroller’s Office announced that it had begun a real-time audit of operations and invoices incurred by DocGo in connection with the Relocation Contract. On this news, the price of DocGo’s stock fell $0.41 per share, or 7.19%, to close at $5.29 per share on September 18, 2023, on heavy trading volume.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with over 120 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $129 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.
Source/Contact
Sharon Lee
Lieff Cabraser Heimann & Bernstein, LLP
415 956-1000
slee@lchb.com
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