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  "documentTitle": "Hims & Hers Health, Inc. (HIMS)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "Uses a combination of legal news, expert commentary, and anecdotal employee feedback to build a case against the target.",
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      "kind": "callout",
      "text": "DEA Serves Order to Show Cause on Truepill Pharmacy for its Involvement in the Unlawful Dispensing of Prescription Stimulants",
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      "kind": "callout",
      "text": "Truepill Already Underwent Mass Layoffs and Business Disruption",
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      "text": "Risks to Truepill's Business Are Substantial",
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      "text": "This would be a business-ending event for Truepill.",
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      "text": "Truepill is a material pharmacy fulfillment provider for HIMS. Truepill received an Order to Show Cause from the DEA in December 2022 related to its business for troubled mental health provider Cerebral.",
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      "text": "Incompetent leadership. 75%+ of the company being laid off and no clear vision. Truepill is underwater on 90% of their contracts.",
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      "text": "According to the Order to Show Cause, between September 2020 and September 2022, Truepill filled more than 72,000 controlled substance prescriptions, 60 percent of which were for stimulants.",
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      "kind": "quote",
      "text": "If in fact prescriptions exceeded the supply cap and lacked state authority, I believe the DEA administrator will revoke TruePill’s DEA registration. This would be a business-ending event for TruePill.",
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      "text": "I think that the industry is a really good target for some pretty strict regulation. Thanks to Cerebral, when the DEA investigation finally concludes, I suspect that'll happen.",
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      "text": "\"If in fact prescriptions exceeded the supply cap and lacked state authority, I believe the DEA administrator will revoke Truepill’s DEA registration,\" — Ronald Chapman II. \"I think that the industry is a really good target for some pretty strict regulation. Thanks to Cerebral, when the DEA investigation finally concludes, I suspect that'll happen.\" — Spruce Point Interview With Former HIMS Executive.",
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      "text": "Source: DEA Press Release, Behavioral Health Business, Glassdoor, Spruce Point red underline emphasis",
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      "text": "Truepill Is Being Investigated By The DEA, And Glassdoor Reviews Make It Sound Like A Sinking Ship",
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