On January 9, 2026, the U.S. Attorney for the Southern District of New York announced that Paul Jorgensen – the former Chief Revenue Officer for Doximity, a publicly-traded online networking service for medical professionals – pleaded guilty for his role in an insider trading scheme involving securities trades made in advance of quarterly earnings calls. According to the U.S. Attorney’s Office, Jorgensen, who realized more than $2.5 million in illicit profits from his role in the scheme, pleaded guilty to two counts of securities fraud. He is currently scheduled to be sentenced on May 21, 2026.
According to court documents, in July 2022, while serving as Doximity’s Chief Revenue Officer, Jorgensen learned before Doximity’s quarterly earnings call that the company’s add-on sales to clients (also known as “upsells”) had declined over the previous quarter. After receiving this MNPI, Jorgensen allegedly sent text messages to a close family member indicating that, despite the negative report, he was not going to sell his Doximity shares. However, two days later Jorgensen allegedly texted the same family member to communicate his decision to sell his Doximity shares in order “to protect us first and foremost” – a decision that he allegedly made after learning that he had been reassigned to serve in a sales role at the company. The next day, he reportedly sold 61,162 shares of Doximity stock that he was secretly holding in a personal brokerage account. Following the company’s quarterly earnings call in August 2022, Doximity’s stock price fell by approximately 7 percent, allegedly enabling Jorgensen to avoid approximately $300,000 in losses. According to federal prosecutors, these trades not only violated a duty of trust and confidence owed to the company and its shareholders but also violated Doximity’s internal trading rules, including rules that required all employees to hold Doximity shares in company-monitored brokerage accounts and also prohibited employees from trading in the lead-up to company quarterly earnings calls.
Federal prosecutors further allege that, in July 2023, Jorgensen once again sold Doximity stock in the lead-up to the company’s quarterly earnings call. The sales were allegedly made after Jorgensen learned that upsells had continued to decline and that he was being terminated as part of a larger round of company layoffs. According to court documents, Jorgensen sold 15,000 shares of Doximity stock and 1,300 call options before the earnings call, allegedly enabling him to generate approximately $314,000 in illicit profits. He also reportedly purchased 4,700 put options using his personal brokerage account. Following the company’s quarterly earnings call in August 2023, which caused Doximity’s shares to fall by approximately 23 percent, Jorgensen allegedly closed out his put position and generated nearly $2 million in illicit profits. Jorgensen was reportedly terminated from Doximity in August 2023.
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