Peloton Shares Slide After It Recalls Two Million Exercise Bikes
Peloton, the maker of home exercise equipment, said on Thursday that it was recalling more than two million exercise bikes, an announcement that sent its stock lower.
The company’s shares tumbled nearly 9 percent by the market close and have plunged more than 20 percent this month.
The company had received 35 reports of seat posts breaking and detaching from the original model of its bike during use, according to a recall notice from the Consumer Product Safety Commission.
Peloton is voluntarily recalling Model PL-01 bikes that were sold from January 2018 to May 2023 in the United States, and is offering customers replacements for the bike’s seat posts that can be installed at home, the company said in a statement on its website Thursday morning.
Source: The New York Times
