On March 28, 2025, Judge Katherine Polk Failla of the U.S. District Court for the Southern District of New York ruled that key claims in a securities fraud lawsuit against DocGo Inc. and its former CEO, Anthony Capone, could move forward. The lawsuit alleges that DocGo misled investors between April 2022 and September 2023.
Allegations include false statements about Mr. Capone's graduate degree in computer science, misrepresentations of DocGo's efforts to enroll migrants in New York Medicaid programs, and an inaccurate portrayal of its business relationship with UnitedHealthcare. Judge Failla found that the complaint sufficiently alleged that the defendants made several 'indisputably false' and misleading statements with an intent to defraud.
During the period of alleged misrepresentations, company insiders reportedly sold approximately $4 million worth of DocGo stock. The lawsuit highlights that DocGo's stock price fell 25% in September 2023 after the truth regarding these matters became public.
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