Reported 25 days ago
Peloton Interactive has successfully dismissed a proposed shareholder class action lawsuit that accused the company of hiding safety issues related to a May 2023 recall of 2.2 million bikes due to defective seat posts. U.S. District Judge Margo Brodie found no evidence that Peloton misled investors about the recall costs, which the company initially estimated at $8.4 million before later allocating an additional $40 million. The judge also noted that Peloton's risk disclosures were clear and warned that recalls were a possibility.
Source: YAHOO