RADNOR, Pa., May 9, 2021 / PRNewswire / – Law firm Kessler Topaz Meltzer & Check, LLP reminds investors Peloton Interactive, Inc. (NASDAQ: PTON) (“Peloton”) that a securities fraud class action lawsuit has been filed on behalf of those who bought or acquired the Peloton titles Between September 11, 2020 and May 5, 2021, inclusive (the “Class Period”).
Lead Applicant Deadline: June 28, 2021
Contact: James Maro, Esq. (484) 270-1453
Adrienne Bell, Esq. (484) 270-1435
Toll free (844) 887-9500
Peloton offers interactive fitness products such as the Peloton Bike and the Peloton Tread + and Tread, which include touch screens that broadcast lessons live and on demand. Peloton also offers connected fitness subscriptions and access to all live and on-demand classes. Peloton launched the Tread + treadmill in 2018. At that time it was called the “Tread”. Peloton has renamed its iconic treadmill to September 2020 to “Tread +”.
At Wednesday 5 May 2021, Peloton has announced voluntary recalls of its Tread + and Tread treadmills for safety reasons. Peloton has also advised customers who have the products to immediately stop using them and contact Peloton for a full refund. General Manager of Peloton, John foley said in a statement: “I want to be clear, Peloton erred in our initial response to the Consumer Product Safety Commission’s request to recall Tread +.”
The complaint alleges that throughout the remedy period, the defendants made false and / or misleading statements and / or failed to disclose that: (1) in addition to the tragic death of a child, Peloton’s Tread + had caused a serious threat to the safety of children and pets, as there were several incidents of injury to both; (2) safety was not a priority for Peloton as the defendants were aware of serious injuries and fatalities resulting from Tread + but did not recall or suggest stopping use of Tread +; (3) Due to safety concerns, the Consumer Product Safety Commission (“CPSC”) has declared Tread + to pose a serious risk to public health and safety, leading to its urgent recommendation consumers with young children to stop using Tread +; (4) CPSC also saw a threat to the safety of Tread + users if they lost their balance; and (5) as a result of the foregoing, the defendants’ statements about Peloton’s business, operations and prospects were materially false and misleading and / or lacked reasonable basis at all material times.
Platoon investors can, not later than June 28, 2021, seeks to be appointed as the principal representative of class claimants through Kessler Topaz Meltzer & Check, LLP or another lawyer, or may choose to do nothing and remain an absent class member. A principal plaintiff is a representative party who acts on behalf of all class members in directing the litigation. To be appointed as a Principal Plaintiff, the Court must determine that the Class Member’s claim is typical of the claims of other Class Members, and that the Class Member will adequately represent the Class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as the principal applicant.
Kessler Topaz Meltzer & Check, LLP pursues class actions in state and federal courts across the country relating to securities fraud, breaches of fiduciary duty, and other violations of state and federal law. Kessler Topaz Meltzer & Check, LLP is a driving force behind corporate governance reform and has raised billions of dollars on behalf of institutional and individual investors from United States and all over the world. The company represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and participate in the recovery of public funds). The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information on Kessler Topaz Meltzer & Check, LLP, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
SOURCE Kessler Topaz Meltzer & Check, LLP