Reported about 15 hours ago
Peloton Interactive is required to face a lawsuit from shareholders who allege the company misled them about its inventory levels and sales strategies as the COVID-19 pandemic subsided. A federal appeals court in Manhattan overturned a lower ruling, allowing shareholders to argue that the company's misstatements, including claims about the motivations behind price cuts and warnings about excess inventory, were intended to inflate stock prices. This lawsuit comes after Peloton's stock plummeted over 80% during a period of reopening gyms and increased vaccine availability.
Source: YAHOO