DocGo problems ‘go even deeper’ than New York issues, short seller claims

Fuzzy Panda Research said in a report published on its website about DocGo (DCGO): “In May 2023, they won a huge one-year “no-bid” contract to provide services for NYC migrant asylum seekers. However, instead of serving as a lifeline, the contract has put a spotlight on the company’s bad business practices. This has prompted multiple NYC and state government agencies to investigate DocGo including an investigation by New York’s Attorney General. Investors are aware of DocGo’s New York issues but the market seems unaware that DocGo’s problems go even deeper.” The firm, which says it is short DocGo shares, added: “The allegations of systematic billing fraud by former employees and punishing whistleblowers seem to fit with DocGo’s founders’ past businesses history of stealing from the US government. Some of the management teams past businesses faced DOJ investigations that resulted in major fines and sent their companies into bankruptcy. We think DocGo will face a similar fate. It’s only a matter of time before the government agencies investigating DocGo discover what we found.”