San Francisco – September 10, 2026 -- Hims & Hers Health, Inc. (NYSE: HIMS) and certain executives now face a securities class action after a July 29, 2026 federal complaint from the Federal Trade Commission wiped over $970 million from the company's market capitalization in a single trading session, sending shares down $4.32, or 14.7%.
FTC alleges Hims shared health data with Meta and Snap despite privacy pledges
The FTC complaint, filed alongside co-plaintiffs the State of Utah and Los Angeles County representing California, accuses Hims of surreptitiously sharing sensitive user medical conditions and personal health data with third-party advertising platforms including Meta Platforms and Snap. Regulators allege the company used embedded tracking pixels and customer list matching to transmit this data, contradicting public assurances that it maintained administrative, physical, and technical safeguards for health and personal information.
Regulators cite ROSCA violations over billing before medical consultation
The complaint further alleges Hims violated the Restore Online Shoppers' Confidence Act by billing consumers for prescriptions almost immediately after they submitted intake forms, before any consultation with a medical provider took place. Regulators state consumers faced dark patterns and hidden cancellation options that impeded subscription termination, despite marketing language promising treatment "right for them."
Hagens Berman investigates whether Hims misled investors on internal controls
Law firm Hagens Berman Sobol Shapiro LLP is investigating potential securities claims for the class period spanning August 4, 2025, to July 29, 2026, with a lead plaintiff deadline of November 2, 2026. Hagens Berman partner Reed Kathrein said the inquiry focuses on whether Hims intentionally misled investors about its business practices, the adequacy of its internal controls, and the financial ramifications of the alleged misconduct.
Firm seeks investor loss submissions and whistleblower information
The firm is soliciting HIMS investors who suffered substantial losses to submit claims, and is separately encouraging individuals with non-public information about the company to consider the SEC Whistleblower program, which offers rewards of up to 30% of any successful recovery.