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  "documentTitle": "Hims & Hers Health, Inc. (HIMS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2023-07-13 00:00:00",
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      "kind": "callout",
      "text": "Even if the T&C disclosure references an entity not subject to a 100% ownership provision, doesn’t this at least violate the spirit of CPoM doctrine and speak to HIMS’ questionable conduct?",
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      "text": "In its most recently updated Terms and Conditions (as of 12/22/2022), HIMS discloses that a related party (shareholder, director, officer, employee, etc.) may have a financial interest in an Affiliated Medical Group entity. Also, past disclosure regarding no overlapping shareholders has been removed from SEC filings. We believe such an ownership stake could either be a CPoM violation (if they are domiciled in states with a 100% physician ownership threshold) or an undisclosed related-party transaction, as no such ownership stake is mentioned in the HIMS proxy.",
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      "kind": "callout",
      "text": "We believe such an ownership stake could either be a CPoM violation (if they are domiciled in states with a 100% physician ownership threshold) or an undisclosed related-party transaction, as no such ownership stake is mentioned in the HIMS proxy.",
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      "kind": "paragraph",
      "text": "Excerpt From HIMS Q2 2021 10-Q That Was Subsequently Removed From Future Filings",
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      "kind": "paragraph",
      "text": "“The Affiliated Medical Groups and the Company do not have any shareholders in common.”",
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      "text": "Excerpt From HIMS Terms and Conditions (last updated 5/23/2022)",
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      "kind": "paragraph",
      "text": "Parties other than Hims & Hers, including Labs, Pharmacies, Medical Groups and Providers, provide services or sell products through the Service (collectively, “Third-Parties”), and Hims & Hers may also make available to you for purchase certain services, devices, items or products manufactured, distributed or sold by Third-Parties (“Third-Party Goods and Services”). Your use of any Third-Party Goods and any interactions with Third-Parties, including Certain of Hims & Hers’ shareholders, directors, officers, employees, contractors or agents (collectively, “Hims & Hers Owners and Personnel”) may have a financial interest in one or more Third-Parties and may profit from your use of the Third-Parties and/or the sale of Third-Party Goods and Services to you.",
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      "kind": "quote",
      "text": "The Affiliated Medical Groups and the Company do not have any shareholders in common. — HIMS Q2 2021 10-Q",
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      "kind": "source-note",
      "text": "Source: HIMS Terms and Conditions Updated 5/23/2023, HIMS Q2 2021 10-Q, Spruce Point red underline emphasis",
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      "kind": "title",
      "text": "Does This Constitute Either A CPoM Violation Or An Undisclosed Related Party Transaction?",
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