DocGo $12.5 Million Securities Class Action Settlement

Investors who purchased DocGo Inc. publicly traded common stock between Nov. 5, 2021, and Sept. 15, 2023, may be eligible to claim a cash payment from a class action settlement.

DocGo Inc. and CEO Anthony Capone agreed to pay $12.5 million to settle a class action lawsuit alleging they made false and misleading statements, including allegations concerning Capone’s educational background and DocGo’s business practices related to Medicaid signups for asylum seekers.

Who can file a claim?

The settlement class includes:

• Investors who purchased DocGo Inc. publicly traded common stock between Nov. 5, 2021, and Sept. 15, 2023
• Investors whose purchases or acquisitions allegedly caused them financial harm

Additional details

• Both individuals and entities can be class members.
• Authorized representatives may submit claims on behalf of beneficial owners subject to the claim form requirements.
• Executors, administrators, guardians, conservators and trustees may submit claims on behalf of others and must provide documentation proving their authority.

How much is the DocGo payout?

The total settlement fund is $12,500,000. The amount each class class member will receivce depends on several factors:

• The number of valid claims submitted
• The number of shares purchased or acquired during the class period
• The timing of each purchase, sale and holding
• The total recognized losses of all claimants

The settlement administrator will distribute payments on a pro rata basis according to the court-approved plan of allocation.

• The estimated average distribution per share is approximately $0.12 before deductions for taxes, notice and administration costs, and attorneys’ fees and expenses.
• Actual payments may be higher or lower depending on the number of valid claims and each claimant’s recognized losses.
• The settlement administrator will calculate each payment based on the recognized loss assigned to each transaction.
• Recognized loss amounts depend on purchase and sale timing:
• For shares sold before Sept. 11, 2023, the recognized loss is $0.
• For shares sold between Sept. 11, 2023, and Sept. 15, 2023, the recognized loss is the lesser of artificial inflation at purchase minus artificial inflation at sale or the out-of-pocket loss.
• For shares sold between Sept. 16, 2023, and Dec. 15, 2023, the recognized loss is the lesser of artificial inflation at purchase, purchase price minus the average closing price from Sept. 18, 2023, through the sale date, or the out-of-pocket loss.
• For shares held as of the close of trading on Dec. 15, 2023, the recognized loss is the lesser of artificial inflation at purchase or purchase price minus $5.70.
• For shares purchased between Nov. 5, 2021, and April 28, 2022, the recognized loss is reduced by 90%.

• Artificial inflation per share depends on the purchase date:
• Nov. 5, 2021, through Sept. 10, 2023: $1.19
• Sept. 11, 2023, through Sept. 14, 2023: $1.04
• Sept. 15, 2023: $0.39

• If total recognized losses exceed the net settlement fund, the settlement administrator will reduce payments on a pro rata basis.
• Class members whose payment would be less than $10 will not receive a payout.

How to claim a settlement payment

Class members may submit a claim online or download, print and complete the PDF claim form and mail it to the settlement administrator. The deadline to file a claim is March 9, 2026.

Settlement administrator's mailing address: DocGo Securities Settlement, Claims Administrator, c/o Verita Global, P.O. Box 301171, Los Angeles, CA 90030-1171

Proof or documentation required to submit a claim

All class members must provide the last four digits of their Social Security number or their full taxpayer identification number. They must also provide purchase, acquisition and sale information, including:

• Trade dates
• Number of shares purchased, acquired or sold
• Total purchase, sale or acquisition price

Claimants must provide documentation to support their transactions and holdings in DocGo common stock. Acceptable proof includes:

• Broker confirmation slips
• Broker account statements
• Authorized statements from a broker containing the transactional and holding information found in a confirmation slip or account statement

The settlement administrator will not accept stock certificates, handwritten documents, self-prepared tax forms or illegible statements. Failure to provide sufficient documentation may result in the rejection of a claim. Claimants must also report holdings at the close of trading on Nov. 4, 2021, Sept. 15, 2023, and Dec. 15, 2023.

Payout options

• Physical check
• Electronic payment

$12.5 million settlement fund

The $12,500,000 settlement fund includes:

• Settlement administration costs: Amount not specified
• Attorneys’ fees: Up to $4,125,000
• Attorneys’ expenses: Up to $250,000
• Payments to eligible class members: Remainder of the fund

Important dates

• Deadline to opt out: March 3, 2026
• Deadline to file a claim: March 9, 2026
• Fairness hearing: March 24, 2026

When is the DocGo securities class action settlement payout date?

The settlement administrator will issue payments to eligible class members after the court resolves any appeals and grants final approval to the settlement.

Why did this class action settlement happen?

The class action lawsuit alleged DocGo and Anthony Capone made false and misleading statements regarding Capone’s educational background and DocGo’s business practices, including its Medicaid related operations. The plaintiffs claimed these alleged misstatements caused investors to purchase or acquire DocGo shares at artificially inflated prices.

DocGo and Capone deny all allegations of wrongdoing and liability but agreed to settle to avoid the risks, costs and delays of further litigation.

Sources

1. Class notice
2. Settlement FAQ
3. Claim form