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  "docSlug": "747988e81365",
  "documentTitle": "Hims & Hers Health, Inc. (HIMS)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2023-07-13 00:00:00",
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  "notes": "The slide uses screenshots of corporate filings to demonstrate that HIMS or its management owned entities that were either undisclosed or had incorrect business descriptions.",
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      "text": "The original entities formed to provide physician consultations were incorporated under the Bailey Health name. However, these entities were managed and owned by HIMS or HIMS management, including CEO Dudum. In addition, we question whether the lack of proper disclosure around the entities' true business purpose was meant to evade CPoM provisions.",
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      "text": "Screenshots of corporate filings for Bailey Health entities in Indiana, Virginia, Nebraska, Florida, and Vermont.",
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      "text": "In addition, HIMS co-founder Joe Spector was listed as an owner of Bailey Health of NE, Dudum / HIMS was also listed as an owner of Bailey Health entities for Alabama, and former HIMS SVP Brendan Levy owned entities for CA, GA, KY, NC, OH, OR, and WA.",
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      "text": "The original entities formed to provide physician consultations were incorporated under the Bailey Health name. However, these entities were managed and owned by HIMS or HIMS management, including CEO Dudum. In addition, we question whether the lack of proper disclosure around the entities' true business purpose was meant to evade CPoM provisions.",
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      "text": "Source: Spruce Point Research",
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      "kind": "title",
      "text": "Our Research Finds A Pattern of HIMS Not Providing Robust Disclosure Around Entities Subject To CPoM Provisions",
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