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HIMS.US
id: 1630
Hims & Hers ($HIMS) Illegal Manufacturing, Misleading Revenue Growth, and Regulatory Breach Case
Investors can submit applications for the lead plaintiff role.
N.D. California
Court3:25-cv-05315
Case number04/29/2025
Class period Start06/22/2025
Class period End08/25/2025
Lead Plaintiff motion deadline- $HIMS investors filed a claim against Hims & Hers Health, Inc. for illegally selling knockoff versions of Wegovy, falsely promoting its partnership with Novo Nordisk, and misleading the market about the legality and safety of its GLP-1 offerings.
- On June 23, 2025, Novo Nordisk abruptly terminated its collaboration with Hims, citing illegal mass drug compounding and deceptive marketing. $HIMS plunged 34.6% to close at $41.98, wiping out hundreds of millions in shareholder value.
Case Details:
Between April 29, 2025, and June 22, 2025, Hims told investors it was scaling access to FDA-approved obesity treatments through a long-term collaboration with Novo Nordisk. It claimed to offer safe and affordable weight loss solutions, including branded Wegovy and compounded GLP-1 drugs personalized for patients.
Throughout this period, Hims touted strong revenue and subscriber growth tied to its semaglutide offerings. Executives asserted that the company operated under FDA regulations and manufactured its products in approved, high-quality facilities.
In truth, Hims was engaged in the illegal mass compounding of unapproved semaglutide formulations using foreign-sourced APIs from China, many of which were never inspected or authorized by the FDA. The company also deceptively marketed these products under the guise of “personalization,” violating federal drug laws and putting patient safety at risk.
On June 23, 2025, Novo Nordisk issued a public statement terminating the partnership, stating that Hims “failed to adhere to the law,” “put patient safety at risk,” and promoted “illegitimate, knockoff versions of Wegovy.” Novo’s internal investigation revealed that Hims’ semaglutide supply chain involved unsafe and unregulated Chinese manufacturers.
Following this revelation, $HIMS stock collapsed 34.6%.
Based on these disclosures, $HIMS investors filed suit, alleging that Hims & Hers:
- It misrepresented the legality and quality of its GLP-1 offerings.
- It engaged in deceptive promotion of unapproved, compounded drugs.
- It failed to disclose the risk of contract termination and regulatory violations.
Investors argue that Hims misled the market about its compliance, partnerships, and long-term growth to inflate its stock price.
Case Type
US Securities Class Action
Case Status
Lead Plaintiff Submission
Alleged Offence
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
06/23/2025
Filing date
06/25/2025
Lead Plaintiff Deadline
08/25/2025