A legal investigation has been initiated against Hims & Hers Health (NYSE: HIMS) by the law firm Kessler Topaz Meltzer & Check, LLP. The probe is being conducted on behalf of investors to determine if the company violated federal securities laws.

The investigation stems from a significant event on June 23, 2025. Before the market opened that day, pharmaceutical company Novo-Nordisk A/S announced the termination of its partnership with Hims & Hers. Novo-Nordisk cited allegations that Hims & Hers was illegally mass-compounding medications and engaging in deceptive marketing practices, thereby putting patient safety at risk. Novo-Nordisk also stated that Hims & Hers had failed to comply with laws prohibiting the large-scale sale of compounded drugs.

Following this announcement, Hims & Hers shares experienced a dramatic decline. During trading on June 23, 2025, the stock fell over 20%. Further data indicates the stock price dropped from a prior closing price of $64.22 to $41.98, representing a 34.6% decrease. This event occurred shortly after Hims & Hers had announced on April 29, 2025, a long-term partnership with Novo-Nordisk to offer the FDA-approved Wegovy weight-loss medication on its platform.

The lawsuit alleges that throughout the class action period, defined as April 29, 2025, to June 23, 2025, the defendants made false and misleading statements. It claims they failed to disclose to investors that the company was engaged in deceptive promotional activities and that the partnership with Novo-Nordisk faced a significant risk of termination. Investors have until August 25, 2025, to file a motion to serve as lead plaintiff in the case.