The Law Offices of Frank R. Cruz announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California, captioned Sookdeo v. Hims & Hers Health, Inc., et al., Case No. 3:25-cv-05315, on behalf of persons and entities that purchased or otherwise acquired Hims & Hers Health, Inc. (“Hims” or the “Company”) (NYSE: HIMS) securities between April 29, 2025 and June 22, 2025, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).
Investors are hereby notified that they have until 60 days from this notice to move the Court to serve as lead plaintiff in this action.
IF YOU SUFFERED A LOSS ON YOUR HIMS INVESTMENTS, CLICK HERE TO SUBMIT A CLAIM TO POTENTIALLY RECOVER YOUR LOSSES IN THE ONGOING SECURITIES FRAUD LAWSUIT.
What Happened?
On April 29, 2025, Hims 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.”
On June 23, 2025, before the market opened, Novo Nordisk issued a press release announcing that it was terminating its partnership with Hims, “based on Hims & Hers deceptive promotion and selling of illegitimate, knockoff versions of Wegovy that put patient safety at risk.” The press release stated that Hims “has failed to adhere to the law which prohibits mass sales of compounded drugs under the false guise of 'personalization.’” The press release further stated “[b]ased on Novo Nordisk’s investigation, the ‘semaglutide’ active pharmaceutical ingredients that are in the knock-off drugs sold by telehealth entities and compounding pharmacies are manufactured by foreign suppliers in China” which “FDA has never authorized or approved” and which may contain “unsafe and illicit foreign ingredients.”
On this news, the Company’s share price fell $22.24, or 34.6%, to close at $41.98 per share on June 23, 2025, on unusually heavy trading volume.
What Is The Lawsuit About?
The complaint filed in this class action 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.
Contact Us To Participate or Learn More:
If you purchased Hims securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please HERE or contact us at:
Law Offices of Frank R. Cruz
2121 Avenue of the Stars, Suite 800
Telephone: 310-914-5007
Email: info@frankcruzlaw.com
Visit our website at: www.frankcruzlaw.com
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250625726982/en/
HIMS CLASS ACTION NOTICE: The Law Offices of Frank R. Cruz Files Securities Fraud Lawsuit Against Hims & Hers Health, Inc.
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz
310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
