Hims & Hers Shareholder Sues Top Brass Over Wegovy Maker’s Drop

Hims & Hers Health Inc. board members and executives failed to tell shareholders that its Novo Nordisk A/S Wegovy collaboration turned on the telehealth provider’s selling of a copycat weight-loss drug, a lawsuit said.

Hims’ share prices fell almost 35% to close at $41.98 the day Novo said it was ending the deal over concerns about Hims selling compounded versions of semaglutide alongside Novo’s branded Wegovy, said the stockholder’s complaint filed in the US District Court for the Northern District of California on Monday. It was the stock’s steepest single-day slide on record, according to data compiled by Bloomberg.

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