Hims & Hers Health, Inc. (HIMS) – Lawmakers Urge Crackdown On Illegal Weight Loss Drugs, Novo’s Termination of Collaboration With HIMS Triggers Securities Class Actions – Hagens Berman

SAN FRANCISCO, Aug. 01, 2025 (GLOBE NEWSWIRE) -- On July 25, 2025, investors in Hims & Hers Health, Inc. (NYSE: HIMS) saw the price of their shares significantly fall during intraday trading on reports that U.S. lawmakers urged the FDA to act against copycat versions of weight loss drugs, citing safety concerns.

This latest development follows an announcement by Novo Nordisk on June 23, 2025, the Danish maker of the FDA-approved weight-loss medication Wegovy® (a GLP-1 treatment for obesity), that it terminated its collaboration with Hims & Hers due to concerns about its sales and “deceptive” marketing of Wegovy®.

Novo Nordisk’s announcement triggered securities class action lawsuits against Hims & Hers Health, Inc. and certain of the company’s executives, seeking to represent investors who purchased or otherwise acquired Hims & Hers securities between April 29, 2025 and June 23, 2025.

National shareholders rights firm Hagens Berman continues to investigate the legal claims and urges Hims & Hers investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may be able to assist in the investigation to contact its attorneys.

Class Period: Apr. 29, 2025 – June 23, 2025
Lead Plaintiff Deadline: Aug. 25, 2025
Visit: www.hbsslaw.com/investor-fraud/hims
Contact the Firm Now: HIMS@hbsslaw.com | 844-916-0895

Lawmakers Urge Crack Down On Booming Market For Knockoff Weight Loss Drugs

On July 25, 2025, the Los Angeles Times reported that a group of over 80 bipartisan lawmakers asked the FDA to stop counterfeit and copycat versions of GLP-1 drugs. The report said the lawmakers expressed concern about a surge in illegal and counterfeit anti-obesity medications, which “‘pose an increased risk to patient safety with sometimes fatal consequences.’”

Novo Nordisk Ends Collaboration With Hims & Hers After Less Than Two Months, Citing “Deceptive Marketing” And “Illegal Compounding”

The lawmakers’ response follows the collapse in the relationship between Hims & Hers GLP-1 drug maker Novo Nordisk.

On April 29, 2025, Hims & Hers announced a collaboration agreement with Novo starting with the immediate sale of “a bundled offering of Novo Nordisk’s FDA-approved Wegovy® on the Hims & Hers platform.”

Less than two months later, the collaboration came to an abrupt halt. On June 23, 2025, Novo Nordisk announced it was ending the arrangement. In a strongly worded statement, Novo accused its former partner of flouting U.S. regulations that prohibit the mass sale of compounded versions of branded drugs, instead selling such drugs under the guise of “personalization.” The pharmaceutical company asserted, “when companies engage in illegal sham compounding that jeopardizes the health of Americans, we will continue to take action.”

Novo’s accusations seemingly contradict Hims & Hers’ assurances during its February 24, 2025, Q4 2024 earnings call that “[w]e will continue to monitor and comply with regulatory requirements related to the GLP-1 shortages[.]”

Securities Class Actions Zero in on Company’s Assurances and GLP-1 Strategy

Legal actions filed in federal court allege that Hims & Hers issued repeated assurances to investors about its regulatory compliance, the robustness of revenue from its GLP-1 drug offerings, and the “tailwinds” presented by its collaboration with Novo Nordisk. Plaintiffs claim these assurances were misleading, contending that the company failed to disclose critical information about its business practices.

According to the complaints, Hims & Hers was engaged in what plaintiffs describe as the deceptive promotion and sale of unauthorized and knockoff versions of Wegovy®. Unknown to investors, the company’s conduct exposed patients to unknown risks and threatened the very foundation of the company’s relationship with Novo Nordisk.

“We’re investigating whether Hims & Hers may have misled investors about whether it marketed knockoff versions of Wegovy that could have put patients and the collaboration with Novo Nordisk 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 case and our investigation, read more.

Whistleblowers: Persons with non-public information regarding Hims & Hers should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new 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, call Reed Kathrein at 844-916-0895 or email HIMS@hbsslaw.com.

About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.

Contact:
Reed Kathrein, 844-916-0895

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