Doctor's Platform Exec Faked It 'Til He Made It With $2.5M Insider Trade!

SEC v. Paul W. Jorgensen — U.S. Securities and Exchange Commission Litigation Release No. 26501, dated March 17, 2026.

The SEC charged Paul W. Jorgensen, former Chief Revenue Officer of Doximity, Inc., with insider trading. Jorgensen allegedly sold company stock and traded options based on material nonpublic information about the company's poor sales performance and upcoming workforce reductions. He agreed to a settlement that includes an injunction and an officer/director bar, with monetary penalties to be determined by the court.

In Plain English

Imagine you work for a company and learn some really bad news that will make its stock price drop, like the company is not selling as much as expected. Before this news becomes public, you sell all your company stock to avoid losing money. Then, you also make bets that the stock price will go down even more. This is what the former Chief Revenue Officer of Doximity is accused of doing. He allegedly used this secret bad news to sell his stock and make risky bets (options) that paid off when the stock price fell after the bad news was announced. He has agreed to stop doing this and can't be an executive at a public company anymore, but the exact amount he has to pay back is still being decided.

Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.

How the Alleged Scheme Worked

1. Access to Bad News Paul W. Jorgensen, as Doximity's Chief Revenue Officer, learned that the company's sales were lower than expected for the quarter ending August 2022. This was material nonpublic information.
2. First Round of Trading On August 1, 2022, Jorgensen sold 61,162 shares of Doximity stock before the company's quarterly earnings call. He did this based on the bad sales news, which he knew would likely cause the stock price to fall.
3. Market Reaction After the market closed on August 4, 2022, Doximity announced its earnings, confirming the lower-than-expected sales. The next day, the stock price dropped over 7%, and Jorgensen's earlier sale helped him avoid approximately $318,196 in losses.
4. Failure to Report As an officer of the company, Jorgensen was required to publicly report his stock sales to the SEC. He failed to file these required reports, concealing his trading activity.
5. Second Round of Trading About a year later, in August 2023, Jorgensen was terminated from Doximity. Days after his termination and before the next earnings call, he again traded Doximity securities based on new material nonpublic information about poor sales, sales team underperformance, and a planned reduction in force.
6. Bearish Options Trades On August 3, 2023, Jorgensen sold 15,000 shares and bought 3,700 Doximity put option contracts that were set to expire on August 18, 2023. These were 'bearish' bets, meaning he expected the stock price to fall significantly.
7. More Options Trading On August 7, 2023, Jorgensen made additional 'bearish' options trades, selling call options and buying put options, further positioning himself to profit from a stock price decline.
8. Second Market Reaction On August 8, 2023, Doximity announced its earnings, including the sales decline and planned workforce reduction. The stock price fell approximately 23% the following day. Jorgensen's trades in August 2023 resulted in approximately $2,214,579 in avoided losses and profits.

The Enforcement Action

On March 16, 2026, the SEC filed settled insider trading charges against Paul W. Jorgensen, former Chief Revenue Officer of Doximity, Inc. Jorgensen allegedly traded Doximity securities based on material nonpublic information concerning the company's sales performance and planned workforce reductions. He consented to a judgment permanently enjoining him from violating charged provisions, permanently barring him from serving as an officer or director of a public company. Disgorgement, prejudgment interest, and civil penalties will be determined by the court. Jorgensen previously pled guilty to securities fraud in a parallel criminal action brought by the U.S. Attorney's Office for the Southern District of New York.

Named in this action: Paul W. Jorgensen.

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