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PTON.US

id: 666

Peloton (PTON) $13.95M Investor Settlement

The process of distributing settlement funds to claimants has started.

$13,950,000

Cash Settlement

E.D. New York

Court

1:21-cv-02369

Case number

09/11/2020

Class period Start

05/05/2021

Class period End

05/21/2024

Claim deadline

Peloton (PTON) agreed to a $13.95M Settlement with Investors to end claims over hiding Tread+ safety issues which led to multiple incidents.

Case Details:

Peloton's Tread+ had caused a serious safety threat to children and pets, as multiple incidents of injury had occurred in addition to the tragic death of a child. 

$PTON did not prioritize safety since it knew about serious injuries and deaths from the Tread+ but did not recall or suggest a halt of its use. 

The Tread+ was declared a serious risk to public health and safety by the U.S. Consumer Product Safety Commission due to safety concerns, leading to an urgent recommendation for consumers with small children to cease using it. 

The CPSC also found that Tread+ users faced safety threats if they lost balance.

Case Type

US Securities Class Action

Case Status

Disbursement

Alleged Offence

Misleading Statements,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Payout per Share

0.029

Filing date

04/29/2021

Lead Plaintiff Deadline

06/28/2021

Plaintiffs

Richard Neswick

Attorneys

Faruqi & Faruqi LLP (New York, NY)

Defendants

John Foley, Jill Woodworth, Hisao Kushi, Brad Olson

Judge

Hon. Carol Bagley Amon

Administrator

EPIQ

Settlement agreement date

2023-04-17

Trades matching type

FIFO

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