SEC Charges Former Doximity CRO with Insider Trading

SEC Litigation Releases

Filed March 17th, 2026

Detected March 18th, 2026

Summary

The SEC filed settled insider trading charges against Paul W. Jorgensen, former Chief Revenue Officer of Doximity, Inc. The charges allege unlawful trading based on material nonpublic information, resulting in approximately $2.5 million in profits and losses avoided. Jorgensen consented to a settlement including permanent injunctions and an officer/director bar.

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What changed

The Securities and Exchange Commission (SEC) has filed settled insider trading charges against Paul W. Jorgensen, the former Chief Revenue Officer of Doximity, Inc. The SEC alleges that Jorgensen engaged in unlawful trading of Doximity securities on two occasions in 2022 and 2023, based on material nonpublic information regarding the company's sales performance and planned workforce reductions. These trades allegedly resulted in approximately $2,532,775 in profits and avoided losses. The complaint, filed in the Southern District of New York, charges violations of Section 10(b) and Rule 10b-5, as well as Section 16(a) and Rule 16a-3 of the Securities Exchange Act of 1934. Jorgensen has consented to a settlement that includes permanent injunctions and a permanent bar from serving as an officer or director of a public company, pending court approval. A parallel criminal action resulted in a guilty plea.

This action serves as a critical reminder for corporate insiders and public company executives regarding their obligations concerning material nonpublic information and timely reporting of securities transactions. Regulated entities, particularly public companies, should review their insider trading policies and procedures, including training for executives and the handling of MNPI. While Jorgensen consented to a settlement, the court will determine disgorgement, prejudgment interest, and any civil penalty. The case highlights the SEC's continued focus on insider trading and the potential for significant penalties, including officer and director bars, and parallel criminal proceedings.

What to do next

Review and reinforce insider trading policies and procedures for all corporate insiders.
Ensure timely and accurate filing of all required Section 16 reports.
Conduct training for executives on the handling of material nonpublic information.

Penalties

Jorgensen consented to be permanently enjoined from violating charged provisions and permanently barred from serving as an officer or director of a public company. Disgorgement, prejudgment interest, and/or a civil penalty will be determined by the court. He also pled guilty to securities fraud in a parallel criminal action.

Source document (simplified)

Paul W. Jorgensen

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26501 / March 17, 2026

Securities and Exchange Commission v. Paul W. Jorgensen, No. 1:26-cv-02115 (S.D.N.Y. filed Mar. 16, 2026)

SEC Files Settled Action as to Former Chief Revenue Officer Charged with Insider Trading

On March 16, 2026, the Securities and Exchange Commission filed settled insider trading charges against Paul W. Jorgensen, the former Chief Revenue Officer of Doximity, Inc., a digital platform provider for U.S. medical professionals.

According to the SEC’s complaint, in August 2022, Jorgensen, while Chief Revenue Officer of Doximity, sold 61,162 shares of Doximity stock ahead of a quarterly earnings call, based on material nonpublic information concerning Doximity’s lower-than-expected sales. The complaint further alleges that Jorgensen failed to file required reports with the Commission publicly disclosing these sales of Doximity stock. Approximately one year later, days after being terminated from Doximity and before the company’s upcoming earnings call, Jorgensen is alleged to have again traded Doximity securities based on material nonpublic information concerning the company’s lower-than-expected sales, the underperformance of the sales team, and a planned reduction in force. The complaint further alleges that Jorgensen’s unlawful trading resulted in aggregate profits and losses avoided of approximately $2,532,775.

The SEC’s complaint, filed in the United States District Court for the Southern District of New York, charges Jorgensen with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Section 16(a) of the Exchange Act and Rule 16a-3 thereunder. Jorgensen consented to the entry of a judgment, subject to court approval, in which he agreed to be permanently enjoined from violating the charged provisions of federal securities law and permanently barred from serving as an officer or director of a public company. Under the terms of the bifurcated settlement, disgorgement, prejudgment interest, and/or a civil penalty will be determined by the court upon motion by the Commission.

On January 9, 2026, Jorgensen pled guilty to committing securities fraud in a parallel criminal action brought by the United States Attorney’s Office for the Southern District of New York. Jorgensen is awaiting sentencing in the parallel criminal action.

The SEC’s investigation was conducted by Randall Friedland, Ann Rosenfield, Patrick McCluskey, and Kevin Gershfeld and was supervised by Brian Quinn and Michael Brennan. The litigation will be led by Christopher Carney under the supervision of James Carlson. The SEC appreciates the assistance of the United States Attorney’s Office for the Southern District of New York, the Federal Bureau of Investigation, and the Financial Industry Regulatory Authority.