Doximity to settle securities litigation lawsuit for $31M

In a regulatory filing, Doximity (DOCS) noted that the company and certain company directors and officers have been named as defendants in a securities litigation lawsuit pending in the United States District Court for the Northern District of California, captioned In re Doximity, Inc. Securities Litigation, No. 5:24-cv-02281. On December 24, the parties entered into an agreement of settlement, that, if approved by the court and if all conditions are satisfied, will resolve the securities litigation. The settlement provides for an aggregate settlement payment of $31M, which will be fully funded by insurance proceeds. The settlement includes the dismissal of all claims against the company and the named individuals without any admission of liability, fault or wrongdoing attributed to them. The settlement remains subject to stockholder notice, court approval and other customary conditions, the company stated.