Hims & Hers Lawsuit 2026, Securities Class Action For Investors, Novo Nordisk Patent Case, No Consumer Settlement—What You Need To Know

Hims & Hers faces two major lawsuits in February 2026—a securities fraud class action for shareholders who lost money on HIMS stock, and a patent infringement battle with pharmaceutical giant Novo Nordisk over compounded weight-loss drugs. There is no consumer class action settlement or claim form for regular Hims users. The shareholder lawsuit deadline passed August 25, 2025, while the patent case threatens Hims’ entire GLP-1 business model. Here’s what investors and customers need to know.

Securities Fraud Class Action: Investors Only

The Rosen Law Firm filed a securities class action on June 25, 2025 in California federal court on behalf of investors who purchased Hims & Hers stock between April 29, 2025 and June 23, 2025. The lawsuit accuses CEO Andrew Dudum and CFO Yemi Okupe of misleading shareholders about the safety of compounded semaglutide knockoffs, causing stock to crash 34.6% from $64.22 to $41.98 on June 23, 2025.

The complaint alleges Hims promoted illegitimate knockoff versions of Wegovy while representing that Novo Nordisk approved of their compounded semaglutide sales under the personalization exception. On June 23, 2025, Novo Nordisk terminated the partnership, calling Hims’ practices deceptive promotion and selling of illegitimate knockoff versions that put patient safety at risk.

Lead plaintiff deadline: August 25, 2025 (already passed). No class has been certified yet, meaning investors are not represented by counsel unless they retain one individually.

Similar to the Celgene $239 Million Securities Class Action Lawsuit Settlement, securities cases can take years to resolve before reaching payout stage.

Novo Nordisk Patent Lawsuit: Company vs Company

Novo Nordisk sued Hims & Hers on February 9, 2026 for mass marketing cheaper, unapproved copies of Wegovy obesity pills and injections in the U.S., asking the court to permanently ban Hims from selling compounded versions that infringe patents. This is Novo’s first U.S. patent case against a compounder, marking a shift in legal strategy beyond previous trademark and safety lawsuits.

The lawsuit came after Hims launched a $49 compounded semaglutide pill on February 5, then cancelled it February 7 following swift FDA backlash. On Friday, February 7, the FDA announced plans to take legal action against Hims for the pill, including restricting access to ingredients and referring the company to the Department of Justice.

Novo estimates 1.5 million Americans use compounded versions of its drugs despite semaglutide coming off the FDA shortage list early last year.

This lawsuit affects Hims, not consumers. No claim forms exist.

No Consumer Class Action Settlement

Unlike the Bumble Faces Class Action Lawsuit where users received payments, Hims customers cannot file claims as of February 2026.

In April 2024, Ahdoot & Wolfson investigated potential legal proceedings against Hims for continuing to charge customers’ credit cards after cancellations and making services difficult to cancel. This investigation has not resulted in an active lawsuit or settlement.

Who Qualifies For The Securities Lawsuit?

Investors only—not customers. Shareholders who purchased or acquired Hims & Hers stock between April 29, 2025 and June 23, 2025 and suffered losses may be entitled to compensation.

Customers who bought Hims products: Not eligible for any current settlement.

Stock Impact: 21% Drop In February 2026

Upon news of Novo Nordisk’s lawsuit on February 9, 2026, Hims & Hers stock plummeted around 21% to $18.16 per share while Novo’s stock rose 3% to $49.11. Canaccord Genuity lowered its price target from $68.00 to $30.00 while maintaining a Buy rating, noting the 20% pullback since February 5 compressed the revenue multiple from 2.3x to 1.9x.

What Compensation Is Available?

For stock investors: Unknown. Securities settlements depend on total damages, number of claimants, and settlement negotiations. The PayPal Securities Fraud Investigation 2026 shows similar tech company cases can range from millions to billions.

For consumers: No settlement exists. No compensation available.

When Will Investors Receive Payments?

No settlement reached yet. Securities cases typically take 2-4 years from filing to payout. The June 2025 filing suggests potential settlement around 2027-2028 at earliest.

How To Join The Securities Lawsuit

Investors represent themselves in class actions on a contingency fee basis, meaning attorneys ask courts to reimburse expenses and fees only if successful. Contact Rosen Law Firm, Robbins Geller, or other firms listed in court documents.

Where To Find Official Information

Monitor the Northern District of California federal court for case updates:

• Sookdeo v. Hims & Hers Health, Inc., No. 25-cv-05315
• Yaghsizian v. Hims & Hers Health, Inc., No. 25-cv-05321

Last Updated: February 10, 2026

Disclaimer: This article provides general information about Hims & Hers lawsuits and is not legal advice. For specific guidance about your eligibility, consult a qualified attorney.

CTA: If you purchased HIMS stock between April-June 2025, contact securities litigation attorneys now to protect your rights.

Stay informed, stay protected. — AllAboutLawyer.com

About the Author

Sarah Klein, JD, is a licensed attorney and legal content strategist with over 12 years of experience across civil, criminal, family, and regulatory law. At All About Lawyer, she covers a wide range of legal topics — from high-profile lawsuits and courtroom stories to state traffic laws and everyday legal questions — all with a focus on accuracy, clarity, and public understanding.
Her writing blends real legal insight with plain-English explanations, helping readers stay informed and legally aware.
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