Peloton
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to info@portnoylaw.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at info@portnoylaw.com.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
This class action lawsuit aims to obtain compensation from the defendants for alleged violations of federal securities laws.
According to the complaint, the defendants, throughout the specified period, made false and deceptive statements about the company’s business, operations, and compliance policies. Specifically, they provided misleading information and failed to disclose certain facts, including: (i) the seat posts of certain Peloton Bikes were prone to breaking or detaching during use, posing a safety risk to users; (ii) as a result, the company would likely need to recall millions of Peloton Bikes; (iii) the company exaggerated its efforts to improve product safety, underestimated expected future returns, and downplayed the need to set aside additional reserves for future expenses related to product recalls; (iv) the disclosure of these facts would have a negative impact on the company’s business, financial results, and reputation; and (v) consequently, the company’s public statements were consistently false and misleading.
On May 11, 2023, the Consumer Product Safety Commission (CPSC) issued a product recall affecting approximately 2.2 million Peloton Bikes, stating that there was a risk of the bike’s seat post assembly breaking during use, which could lead to falls and injuries for users. As a result of this announcement, Peloton’s Class A common stock price dropped by $0.67 per share, or 8.9%, closing at $6.86 per share on May 11, 2023.
