Securities class action filed against Hims & Hers over privacy disclosures

A securities fraud class action has been filed against telehealth company Hims & Hers Health, Inc. in the U.S. District Court for the Northern District of California. The case, captioned Velanki v. Hims & Hers Health, Inc., No. 26-cv-09313, is brought on behalf of people who bought or acquired HIMS securities between August 4, 2025 and July 29, 2026 ^[2]. Law firm Glancy Prongay Wolke & Rotter LLP announced a securities fraud lawsuit on behalf of HIMS investors on September 1, 2026 ^[1].

The complaint alleges that during the class period the company and certain executives made materially false or misleading statements and left out important facts. Specifically, according to a summary published by Kessler Topaz Meltzer & Check, LLP, the complaint says the defendants did not disclose that: the company shared consumers' health information with third-party advertising platforms; it charged consumers for prescriptions "almost immediately after they submit an intake form," even though consumers were told they would be able to consult a medical provider to find a treatment that is "right for them"; that this conduct exposed the company to regulatory scrutiny; and that the company was therefore reasonably likely to incur fees and penalties ^[2].

What triggered the case

The stock drop at the center of the lawsuit came on July 29, 2026, when the Federal Trade Commission filed a lawsuit accusing the company of sharing customers' medical information with third-party advertisers ^[2]. The FTC filing accuses the company of "deceptive and unlawful privacy practices," including sharing sensitive details about a patient's health with Snap and with Meta Platforms, the parent of Facebook ^[2]. The press release describing the case calls the FTC filing a "criminal complaint" in one sentence while describing it as a lawsuit elsewhere; that inconsistency is in the source, and the sources here do not include the FTC filing itself ^[2].

On that news, HIMS shares fell $4.32, or 14.73%, to close at $25.00 on July 29, 2026 ^[2].

Investors who want to serve as lead plaintiff — the investor or small group that directs the litigation on behalf of the class — have until November 2, 2026 to ask the court to be appointed ^[2]. Kessler Topaz notes that it did not file the complaint in this matter and that an investor's ability to share in any eventual recovery does not depend on whether they seek lead plaintiff status ^[2].

Why it matters for patients

These are allegations, not findings. No court has ruled on the securities complaint or on the FTC's claims, and the sources provided do not include any response from Hims & Hers.

Still, the underlying conduct described in the complaint is about how a consumer telehealth platform handles two things many patients care about: what happens to the health details typed into an online intake form, and when a credit card gets charged relative to when a clinician actually reviews the case. The complaint's core claim is that health information went to advertising platforms including Snap and Meta, and that prescriptions were billed almost immediately after intake despite messaging about consulting a provider first ^[2].

The sources do not say which product categories or medications were involved, how many customers were affected, what specific data elements were shared, or what remedies the FTC is seeking. Those details are not yet known from this material. Patients with questions about how a platform they use handles their data would need to look to the company's own privacy disclosures and the FTC's filing, neither of which is reproduced here.

What happens next

• November 2, 2026: deadline for investors to move for lead plaintiff status in the Northern District of California case ^[2].
• After a lead plaintiff and lead counsel are appointed, the court typically sets a schedule for an amended complaint and any motion to dismiss. No such dates appear in the sources.
• The separate FTC lawsuit filed July 29, 2026 proceeds on its own track ^[2]. The sources do not give a schedule for it.