Hims & Hers Faces Securities Class Actions Over Alleged Misleading Statements and Deceptive Marketing of Knockoff Weight Loss Drugs

Strategic Insights -

A recent announcement by Novo Nordisk terminating its collaboration with Hims & Hers due to "deceptive" marketing of Wegovy(R) has triggered securities class action lawsuits against the company. Hagens Berman, a national shareholders rights firm, is investigating the claims and urges Hims & Hers investors who suffered substantial losses to come forward. The company's partnership with Novo Nordisk was formed in April 2025, but was abruptly ended in June 2025 after less than two months. Hims & Hers has been accused of flouting U.S. regulations by selling compounded versions of branded drugs, which poses a risk to patient safety.

Key Takeaways:

  • Hims & Hers faces securities class action lawsuits over alleged misleading statements and deceptive marketing of knockoff weight loss drugs.
  • Novo Nordisk terminated its collaboration with Hims & Hers in June 2025 due to "deceptive" marketing of Wegovy(R).
  • Hagens Berman is investigating the claims and urges Hims & Hers investors who suffered substantial losses to come forward.
  • The company has been accused of flouting U.S. regulations by selling compounded versions of branded drugs, which poses a risk to patient safety.
  • Hims & Hers' assurances during its February 2025 Q4 2024 earnings call that it would comply with regulatory requirements related to GLP-1 shortages are being questioned.
  • Plaintiffs claim that Hims & Hers issued repeated assurances to investors about its regulatory compliance and revenue from GLP-1 drug offerings, which were misleading.
  • The company is accused of engaging in the deceptive promotion and sale of unauthorized and knockoff versions of Wegovy(R).
  • Hagens Berman partner Reed Kathrein is leading the investigation into Hims & Hers' business practices.
  • The SEC Whistleblower program may provide rewards totaling up to 30% of any successful recovery made by the SEC for whistleblowers who provide original information.

Statistics:

  • Class Period: April 29, 2025 - June 23, 2025
  • Lead Plaintiff Deadline: August 25, 2025
  • Hagens Berman has secured over $2.9 billion in corporate accountability cases
  • The firm represents investors, whistleblowers, workers, consumers, and others in cases achieving real results for those harmed by corporate negligence and wrongdoings

Sources:

  • Hagens Berman press release, "Hagens Berman Continues Investigation into Hims & Hers Health, Inc. (HIMX)"
  • Los Angeles Times article, "Lawmakers urge FDA to crack down on knockoff weight loss drugs"
  • Novo Nordisk press release, "Novo Nordisk Terminates Collaboration with Hims & Hers"
  • Hims & Hers press release, "Hims & Hers Announces Collaboration with Novo Nordisk"