I have had 2 people that I work with ask if this is possible. I wanted
to get the information for those who asked and also post for general
reference for those who may be embarrassed to ask. I contacted Phil at
Gaspari Nutrition and here is how he responded:

Halodrol Liquigels should not cause any hardening or beading of the
nipples. That would be due to an estrogen problem. Halodrol Liquigels
contains an anti-aromatase which would prevent any circulating
testosterone from converting to estrogen. There is not much included
in the product that would boost total test levels in the first place,
only a small amount of DHEA (again which would be kept from aromatizing
due to the anti-aromatase). There is a SHBG binder included but that
would boost free test levels and not really have an effect on total T.
If they are experiencing this problem maybe they are taking something
else?