Hims & Hers Sued for Securities Fraud Following Misrepresented Partnership with Novo Nordisk

Strategic Insights -

A securities law firm has filed a lawsuit against Hims & Hers Health, Inc. and its senior executives for potential violations of the federal securities laws. The lawsuit alleges that Hims & Hers misled investors about its partnership with Novo Nordisk, which resulted in a significant decline in the company's stock price. The firm is seeking to represent investors who purchased Hims & Hers securities between May 7, 2025, and June 20, 2025. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

Key Takeaways:

  • A lawsuit has been filed against Hims & Hers Health, Inc. and its senior executives for potential securities law violations.
  • The lawsuit alleges that Hims & Hers misled investors about its partnership with Novo Nordisk.
  • The partnership involved the sale of Novo Nordisk's weight loss drug Wegovy on the Hims & Hers platform.
  • Hims & Hers allegedly misrepresented to investors the nature of its partnership with Novo Nordisk.
  • The company's stock price declined by $22.24 per share, or more than 34%, after Novo Nordisk terminated the partnership.
  • Investors who purchased Hims & Hers securities between May 7, 2025, and June 20, 2025, may be eligible to participate in the lawsuit.
  • Hims & Hers operates a telehealth platform that provides consumers with access to online consultations with licensed healthcare professionals, prescription medications, and a range of wellness products.
  • The company's partnership with Novo Nordisk involved the sale of Wegovy, a weight loss drug.
  • Novo Nordisk terminated the partnership due to Hims & Hers' deceptive promotion and selling of illegitimate versions of Wegovy.

Statistics:

  • Hims & Hers' stock price declined by $22.24 per share, or more than 34%, from $64.22 per share on June 20, 2025, to $41.98 per share on June 23, 2025.
  • Investors have until August 25, 2025, to ask the Court to be appointed to lead the case.
  • The lawsuit was filed in the U.S. District Court for the Northern District of California.
  • The case is captioned Sookdeo v. Hims & Hers Health, Inc., et al., No. 25-cv-05315.

Sources:

  • Newsfile Corp. press release dated July 8, 2025
  • Bleichmar Fonti & Auld LLP website: https://www.bfalaw.com/cases-investigations/hims-hers-health-inc-class-action
  • Law360 article: "Hims & Hers Sued For Securities Fraud Over Misrepresented Partnership"