Shares of telehealth company Hims & Hers Health fell 10% Wednesday after the Federal Trade Commission sued the company for allegedly misleading consumers about privacy protections, billing practices and subscription cancellations. The FTC, joined by Los Angeles County and Utah, alleged that Hims & Hers shared users’ sensitive health information with online advertising platforms including Meta and Snap through tracking technologies on its website. The agency also accused the company of billing customers before they had consulted a healthcare provider. The FTC investigation dates back to October 2023, and the company disclosed a $15 million probable-loss accrual in May. Hims & Hers denies the allegations and says it will vigorously defend itself.
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