The lawsuit, Velanki v. Hims & Hers Health, Inc., alleges the telehealth company misled shareholders regarding its business practices. According to the complaint, Hims & Hers failed to disclose that it shared consumer health information with third-party advertising platforms, including Meta and Snap. Furthermore, the company stands accused of charging customers for prescriptions immediately after an intake form submission, contradicting claims that users would first consult with medical providers to determine appropriate treatments.
Regulatory scrutiny intensified on July 29, 2026, when the Federal Trade Commission announced a lawsuit against the firm for these alleged deceptive practices. Following the revelation, Hims & Hers shares dropped nearly 15%. Robbins Geller Rudman & Dowd LLP is representing investors, noting that those who suffered substantial losses during the class period may apply to lead the litigation. Serving as lead plaintiff allows an investor to direct the case and select legal counsel, though individual recovery is not contingent upon holding this leadership role.
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