HIMS Lawsuit Alert! Hims & Hers Faces Class Action Lawsuit After Wegovy Scandal
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Hims & Hers is an American telehealth platform that connects consumers with licensed healthcare professionals and medical treatments. Through the digital platform, consumers can obtain prescription medications, over-the-counter treatments, personal care products, and supplements. The company recently partnered with pharmaceutical giant Novo Nordisk (NVO) to offer its U.S. FDA-approved weight-loss drug Wegovy on the Hims & Hers platform.
The company's claims about its partnership with Novo Nordisk and its future potential are at the heart of the current complaint.
Hims & Hers' Misleading Claims
According to the lawsuit, HIMS and two of its senior officers (the Defendants) repeatedly made false and misleading public statements throughout the Class Period. In particular, they are accused of omitting truthful information about the GLP-1 (glucagon-like peptide-1) injectables it makes available to consumers, and ancillary issues, from SEC filings and related material.
During the Class Period, Hims & Hers announced that it had partnered with Novo Nordisk and that American consumers could start accessing 'NovoCare Pharmacy directly through the Hims & Hers platform, with a bundled offering of all dose strengths of Wegovy and a Hims & Hers membership.' This offering included 24/7 care, continued clinical support, and nutrition guidance, all under one roof. HIMS also noted that patients can access all dose strengths of Wegovy in a high-quality pen, available for self-pay patients (without insurance or government aid).
Furthermore, in a shareholder letter issued on May 5, 2025, Hims expressed excitement over its 'innovative partnerships' that offer consumers greater choice within the weight-loss category. The company also highlighted its long-term collaboration with Novo Nordisk to expand affordable access to proven obesity care. This partnership was touted as a way to strengthen the platform's offerings with Novo Nordisk's innovative pipeline, enabling Hims to serve more customers, expand access to clinically proven treatments, and drive stronger health outcomes.
Finally, in its Q1FY25 quarterly report filed on May 5, Hims & Hers stated that its GLP-1 offerings generated about $230 million in Online segment Revenue, with a significant majority coming from personalized doses.
However, subsequent events (mentioned below) reveal that the defendants failed to disclose that the platform had started engaging in 'deceptive promotion and selling of illegitimate, knockoff versions of Wegovy that put patient safety at risk.'
Plaintiffs' Arguments
The plaintiffs maintain that the defendants deceived investors by lying and withholding critical information about the business practices and prospects during the Class Period. Importantly, the defendants are accused of misleading investors about their illegal practices used to boost Online sales, as well as the potential termination of their contract with Novo Nordisk.
The information became clear before the market opened on June 23, 2025, when Novo Nordisk issued a press release announcing that it was terminating its partnership with Hims & Hers. Novo Nordisk stated that it was ending the collaboration because Hims & Hers had engaged in dishonest promotional tactics and sold illegitimate, copycat versions of Wegovy, thereby putting patient safety at risk.
Moreover, Novo Nordisk explained that HIMS 'failed to adhere to the law, which prohibits mass sales of compounded drugs under the false guise of personalization.' Following the news, HIMS stock collapsed by 34.6% that same day.
To conclude, the defendants misled investors by engaging in deceptive and illegal practices to boost Online sales, which ultimately led to the termination of their lucrative contract with Novo Nordisk. Despite these issues, HIMS stock has surged over 108% so far this year.
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