DocGo Inc. Class Action Lawsuit - DCGO
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The DocGo class action lawsuit seeks to represent purchasers or acquirers of DocGo Inc. (NASDAQ: DCGO) securities between November 8, 2022 and September 17, 2023, both dates inclusive (the “Class Period”). Captioned Naclerio v. DocGo Inc., No. 23-cv-09476 (S.D.N.Y.), the DocGo class action lawsuit charges DocGo and certain of its top current and former executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the DocGo class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the DocGo class action lawsuit must be filed with the court no later than December 26, 2023.
CASE ALLEGATIONS: DocGo offers mobile health and medical transportation services for various health care providers in the United States and the United Kingdom. According to the complaint, in spring 2023, New York City awarded DocGo a no-bid $432 million contract (the “Relocation Contract”) that took effect in early May 2023.
The DocGo class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) DocGo’s executive hiring processes were inadequate to fully review and vet the professional and academic backgrounds of job candidates; (ii) this increased the likelihood of disruptive executive turnover; (iii) contrary to DocGo’s representations to investors, DocGo had overstated the efficacy of its mobile health and medical transportation services; and (iv) all of the above, once revealed, was likely to subject DocGo to significant reputational and/or regulatory scrutiny that would negatively impact DocGo’s financial position and/or prospects. The DocGo class action lawsuit further alleges that on July 30, 2023, The New York Times, published an article reporting 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.” The DocGo class action lawsuit alleges that following the publication of The New York Times article, the price of DocGo stock fell more than 6%.
The DocGo class action lawsuit also alleges that on September 6, 2023, New York City Comptroller Brad Lander announced that his office was declining to approve the Relocation Contract. According to the complaint, New York City Mayor Eric Adams had the authority to proceed with the Relocation Contract over Comptroller Lander’s objections and ultimately did so. The DocGo class action lawsuit alleges that on this news, the price of DocGo stock fell more than 7%.
The DocGo class action lawsuit further alleges that on September 14, 2023, the Albany Times Union published an article reporting that former DocGo CEO, defendant Anthony Capone, had falsified portions of his professional biography regarding his educational history. According to the complaint, on the following day, September 15, 2023, DocGo disclosed Capone’s resignation as CEO. The DocGo class action lawsuit alleges that on this news, the price of DocGo stock fell nearly 12%.
The DocGo class action lawsuit further alleges that on September 18, 2023, Comptroller Lander announced that his office was commencing a real-time audit of operations and invoices incurred by DocGo in connection with its Relocation Contract. Specifically, Comptroller Lander noted that his office has “serious concerns about the selection of this vendor and its performance in contract duties,” the complaint alleges. The DocGo class action lawsuit alleges that on this news, the price of DocGo stock fell more than 7%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired DocGo securities during the Class Period to seek appointment as lead plaintiff of the DocGo class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the DocGo class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the DocGo class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the DocGo class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.