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id: 406, Created by Stan Vick, Scout
Peloton Interactive Inc
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On October 14, 2022, Peloton lost over $450 million of capitalization on concerns that the Company has been sued by a former instructor for $1.8 million for discrimination and is experiencing the fallout from revelations company founder and former executive chairman John Foley suffered margin calls on loans backed by PTON stocks.
Going back on August 29, 2022, Peloton informed securities regulators that it delays its annual report filing as it needs more time to complete the accounting and disclosures concerning impairment charges.
According to Company, the charges resulted from Peloton’s plan to exit its field operations warehouses, a move announced earlier this month as part of a broader cost-cutting plan.
These corporate events raise suspicions of proper governance and information disclosure practices in the Company.
Failure to Disclose,
Breach of Fiduciary duty,
Shock Event Date
14 October 2022