My friend and I also have had this problem recently. If he (the host) takes control of the character from me everything is fine on his end. On my end everyone looks like there's no armor equipped and one of our followers is at half health.
The best way we've found to fix this is for the host to take control of all characters and do a save and load then give control back. For the one in five tries that this doesn't work we will load a different area and then do the control-to-host, save, reload process and everything is normal. Hope this helps.
*edit*
Did you at any point in your character's career think about putting a point in Glass Cannon and then undo it before accepting? i.e. clicked Glass Cannon and then instead of accepting with the check-box, take the point out and put it somewhere else? I'm wondering because I actually did this and afterwards is when I started having problems with my character.
When I did this my health was temporarily stuck at 50% until I was struck, then afterwards every time I loaded in, the stats issue occurred. I'm not sure if this is related at all but it was the only character change I made between never having the issue and then having the issue every time.
Last edited by dasgalloway; 24/07/14 04:09 PM.