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DocGo Inc.

Company NameDocGo Inc.
Stock SymbolDCGO
Class PeriodNovember 08, 2022 to September 17, 2023
Lead Plaintiff Motion DeadlineDecember 26, 2023

On July 30, 2023, the New York Times reported that DocGo’s migrant relocation efforts in New York City had a “rocky” start, with asylum-seekers claiming threats and “broken promises” after DocGo had been awarded a $432 million Relocation Contract by the City. The article stated 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, DocGo’s stock price fell $0.53, or 6.3%, to close at $7.89 per share on July 31, 2023, thereby injuring investors.

Then, on August 22, 2023, the Albany Times Union reported that the New York Attorney General had opened an investigation into DocGo and had cautioned the Company to cease limiting migrants’ speech or movements, and had “serious concerns” regarding potential violations of state and federal laws in the Company’s handling of the Relocation Contract.


Then, on September 6, 2023, New York City Comptroller Brad Lander announced that his office was declining to approve the Relocation Contract “due to numerous outstanding concerns” including “[i]nsufficient budget detail to justify over $432 million in contract value,” “[i]nconclusive reasoning as to the selection of the vendor and contradictory statements about their fiscal ability to provide contracted services,” “[i]nadequate vendor responsibility determination, contract oversight and subsequent questions about proper service delivery,” and “[i]nadequate information regarding the selection of subcontractors.” On this news, DocGo’s stock price fell $0.61, or 7.5%, to close at $7.55 per share on September 6, 2023.


On September 14, 2023, the Albany Times Union published an article stating that DocGo’s CEO, Anthony Capone, has falsified portions of his professional biography, specifically his educational history. The following day, September 15, 2023, DocGo disclosed Capone’s resignation. On this news, DocGo’s stock price fell $0.76, or 11.8%, to close at $5.70 per share on September 15, 2023.


Then, on September 18, 2023, Comptroller Lander announced that his office was commencing an audit of operations and invoices incurred by DocGo in connection with the Relocation Contract, noting “serious concerns about the selection of this vendor and its performance of contract duties.” On this news, DocGo’s stock price fell $0.41, or 7.2%, to close at $5.29 per share on September 18, 2023, thereby injuring investors further.


The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) DocGo’s executive hiring processes were inadequate to fully review and vet the professional and academic backgrounds of job candidates; (2) the foregoing increased the likelihood of disruptive executive turnover; (3) contrary to its representations to investors, DocGo had overstated the efficacy of its mobile health and medical transportation services, the very services contemplated by the Relocation Contract; (4) all of the foregoing, once revealed, was likely to subject DocGo to significant reputational and/or regulatory scrutiny that would negatively impact the Company’s financial position and/or prospects; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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