Hims & Hers Health Faces Securities Fraud Class Action Over Privacy

The legal action, titled Velanki v. Hims & Hers Health, Inc., centers on allegations that the company misled shareholders regarding its business operations and privacy protocols. Plaintiffs claim that Hims & Hers failed to disclose that it shared sensitive consumer health information with third-party advertising platforms, including Meta Platforms and Snap. Furthermore, the complaint alleges the company charged customers for prescriptions immediately after submission of intake forms, despite marketing claims that users would consult with medical providers to determine appropriate treatments.

These allegations gained significant traction on July 29, 2026, when the Federal Trade Commission initiated a lawsuit against the company, citing deceptive privacy practices. Following the FTC announcement, Hims & Hers stock plummeted $4.32 per share, representing a 14.73% decline to close at $25.00. Investors impacted by this drop are being urged by the law firm Kessler Topaz Meltzer & Check, LLP to review their legal options. While the firm is not the lead counsel in this specific filing, they are advising class members on the process of seeking lead plaintiff status before the November 2 deadline.