“It has come to my attention that my public biography erroneously states that I hold a bachelor's degree from Clarkson University," Capone said in the statement. "I must clarify immediately: I do not have a master’s degree from Clarkson University, nor from any other institution. This inaccuracy should have been corrected, and I deeply apologize for this error.”
DocGo’s stock dropped 11% from $6.34 to $5.74 by the closing bell on Friday afternoon. The figure marks a 52-week low for the company’s stock, which so far this year is down 19%.
The report highlighting Capone's false educational history comes two days after the executive noticeably shifted his tone during a Wednesday interview at the Morgan Stanley Global Healthcare Conference 2023 about how DocGo views its care for asylum seekers.
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Capone's attempt at damage control follows DocGo taking heat from elected officials and immigration advocates over its $432 million no-bid contract to manage the city’s migrant crisis.
Earlier this month Comptroller Brad Lander refused to approve DocGo’s contract with the city. But Mayor Eric Adams said the city will advance the contract despite the comptroller’s concerns. “We are going to move forward. We can't change the rules in the middle of the game,” Adams told reporters last week.
Reports emerged in July that migrants had been allegedly misled with promises about finding work and mistreated by DocGo once they arrived at hotels near Albany and Buffalo. State Attorney General Letitia James launched an investigation into the treatment of asylum seekers in DocGo’s care in late August.
This story first appeared in Crain's New York Business.