According to the Complaint, Hims & Hers Health, Inc. is a U.S.-based telehealth company that connects users with licensed healthcare professionals who offer virtual consultations and prescribe medications tailored to a range of health and wellness goals, including hair regrowth, sexual health, and weight loss. This class action was filed against Hims and two of its Officers.

In May 2024, the Company began providing access to compounded injectable semaglutide, a glucagon-like peptide-1 receptor agonist (GLP-1), used for weight loss.

The Class Period begins on April 29, 2025. On that date, Hims issued a press release which announced a long-term collaboration with Novo Nordisk, starting with the immediate sale of “a bundled offering of Novo Nordisk’s FDA-approved Wegovy® on the Hims & Hers platform.”

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Hims was engaged in the “deceptive promotion and selling of illegitimate, knockoff versions of Wegovy that put patient safety at risk;” (2) that, as a result, there was a substantial risk that the Company’s collaboration with Novo Nordisk would be terminated; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.