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PTON.US
id: 758
Peloton (PTON) "Mass Bikes Recall" Case
E.D. New York
Court23-cv-04279
Case number10 May 2022
Class period Start10 May 2023
Class period End08 Aug 2023
Lead Plaintiff motion deadline- 2.2 million Peloton exercise bikes were recalled.
- $PTON fell 8.9% and lost $225M of its market cap.
- Investors suspect Peloton & its Accountables of misleading and failing to disclose which led to investment losses.
On May 11, 2023, the Consumer Product Safety Commission (CPSC) issued a product recall affecting roughly 2.2 million Peloton exercise bikes, stating that “the bike’s seat post assembly can break during use, posing fall and injury hazards to the user.”
On this news, $PTON fell 8.9% and lost $225 million of its market capitalization, damaging shareholders.
Taking this event into account, Investors have reasons to suspect that Peloton and its Accountables of misleading and failing to disclose, which consequently led to serious investment losses.
Case Status
Motion to dismiss
Alleged Offence
Misleading Statements,
Failure to Disclose,
Negligence,
Omissions
Suspected Party
Directors,
Management,
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
11 May 2023
Filing date
08 June 2023
Lead Plaintiff Deadline
08 August 2023