INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of DocGo Inc. (DCGO) Investors

Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased DocGo Inc. (“DocGo” or the “Company”) (NASDAQ: DCGO) securities between November 8, 2022 and September 17, 2023, inclusive (the “Class Period”). DocGo investors have until December 26, 2023 to file a lead plaintiff motion.

Investors suffering losses on their DocGo investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

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.

If you purchased DocGo securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

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