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Class action lawsuits

Lawsuit Filed Against Hims & Hers Health for Potential Securities Law Violations

Strategic Insights

— 1 min read

Hims & Hers Health, a telehealth platform company, is facing a lawsuit alleging potential securities law violations. The complaint, filed by securities law firm Bleichmar Fonti & Auld LLP, asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors who purchased Hims & Hers securities. The case is pending in the U.S. District Court for the Northern District of California and is captioned Sookdeo v. Hims & Hers Health, Inc., et al., No. 25-cv-05315.

Key Takeaways:

  • 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 entered into a "long-term collaboration" with Novo Nordisk to sell its popular weight loss drug Wegovy on the Hims & Hers platform.
  • Allegations include that Hims & Hers misrepresented the terms of the partnership to investors and sold illegitimate, knockoff versions of Wegovy, putting patient safety at risk.
  • On June 23, 2025, Novo Nordisk announced it was terminating the partnership, causing Hims & Hers stock to fall $22.24 per share, or more than 34%, in one day.
  • The lawsuit alleges that Hims & Hers claimed to have FDA compliance, but sold compounded semaglutide without proper authorization.
  • Bleichmar Fonti & Auld LLP is leading the lawsuit, representing investors who may have suffered losses due to Hims & Hers' alleged actions.
  • The law firm has a history of notable successes, including recovering over $900 million from Tesla's Board of Directors and $420 million from Teva Pharmaceutical Ind. Ltd.

Statistics:

  • $650 million: Total market value of Hims & Hers on April 24, 2025 (source: Bloomberg)
  • 34%: Decrease in Hims & Hers stock price on June 23, 2025, after Novo Nordisk terminated the partnership (source: Bloomberg)
  • $22.24: Amount by which Hims & Hers stock price fell per share on June 23, 2025 (source: Bloomberg)
  • 25%: Increase in number of Hims & Hers filings with the FDA in the past two quarters, according to the lawsuit (source: Securities and Exchange Commission)

Sources:

  • Bleichmar Fonti & Auld LLP (www.bfalaw.com)
  • Bloomberg
  • Securities and Exchange Commission (SEC) filings for Hims & Hers Health, Inc. (NYSE: HIMS)
  • Chambers USA, The Legal 500, and ISS SCAS rankings for Bleichmar Fonti & Auld LLP

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