The lawsuit, filed in the Northern District of California as Velanki v. Hims & Hers Health, Inc., accuses the company and its top executives of violating the Securities Exchange Act of 1934. According to the complaint, the firm allegedly shared sensitive health data with third-party advertising platforms, including Meta and Snap, while simultaneously promising consumer privacy. Additionally, the suit claims the company billed patients for prescriptions immediately after an intake form was submitted, contradicting representations that users would first consult with a medical provider to determine appropriate treatment.

These revelations surfaced on July 29, 2026, when the Federal Trade Commission announced a lawsuit against the telehealth platform, triggering a nearly 15% decline in the company's share price. Investors seeking to participate in the class action or serve as lead plaintiff may contact Robbins Geller Rudman & Dowd LLP to discuss their options. Under the Private Securities Litigation Reform Act, the lead plaintiff represents the class's interests throughout the legal proceedings, though individual recovery does not strictly require this leadership role.