Hims & Hers Health, Inc. (HIMS) Investigation

In the past, Hims & Hers has assured investors of its regulatory compliance, stating “[w]e are not bypassing the regulatory process[.]”

On April 29, 2025, the price of Hims & Hers shares skyrocketed after the company announced that it teamed up with Novo Nordisk to expand affordable access to healthcare.

The deal involved Novo Nordisk’s FDA-approved Wegovy^Ò, intended to treat obesity, and provided patient access to all dose strengths of Wegovy^Ò through the NovoCare^Ò pharmacy via Hims & Hers’ platform along with a Hims & Hers membership.

The arrangement was short lived.  On June 23, 2025, Novo Nordisk announced that it terminated the arrangement over its concerns about Hims & Hers’ “illegal mass compounding and deceptive marketing.” Novo further explained, “[o]ver one month into the collaboration, Hims & Hers Health, Inc. has failed to adhere to the law which prohibits mass sales of compounded drugs under false guise of ‘personalization’ and are disseminating deceptive marketing that put patient safety at risk[]” and “when companies engage in illegal sham compounding that jeopardizes the health of Americans, we will continue to take action.”

“We’re investigating whether Hims & Hers may have misled investors about whether it marketed knockoff versions of Wegovy^Ò that could have put patients at risk,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Hims & Hers and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »

If you’d like more information and answers to frequently asked questions about the Hims & Hers investigation, read more »

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the HIMS investigation about?

We are investigating whether Hims & Hers may have misled investors about whether it marketed knockoff versions of Wegovy that could have put patients at risk.

WHAT SHOULD I DO?

I worked at HIMS. What should I do?

If you were an employee of HIMS, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in HIMS, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any HIMS investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.