The complaint, titled Velanki v. Hims & Hers Health, Inc., alleges that the company failed to disclose that it shared sensitive consumer health data with third-party advertising platforms, including Meta and Snap. According to the court filings, Hims & Hers also allegedly billed customers for prescriptions before they had the opportunity to consult with a medical provider, despite claims that consultations were integral to the service. These omissions reportedly exposed the company to significant regulatory scrutiny and potential financial penalties.

The market reacted sharply on July 29, 2026, when the Federal Trade Commission initiated its own action against the company. Shares of HIMS fell $4.32, or 14.73%, closing at $25.00 following the news. Investors now have until November 2, 2026, to file for lead plaintiff status in the class action. Law firm Kessler Topaz Meltzer & Check, LLP is currently offering case evaluations for those seeking to participate in the recovery process.