Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Peloton Interactive, Inc. from September 11, 2020 through May 5, 2021 (the “Class Period”). The lawsuit filed in the United States District Court for the Eastern District of New York alleges violations of the Securities Exchange Act of 1934.
If you purchased Peloton securities, and/or would like to discuss your legal rights and options please visit Peloton Shareholder Class Action Lawsuit or contact Joseph R. Seidman, Jr. toll free at (877) 779-1414 or Seidman@bernlieb.com
The complaint alleges that, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) in addition to the tragic death of a child, Peoloton’s Tread+ had caused a serious safety threat to children and pets as there were multiple incidents of injury to both; (2) safety was not a priority to Peloton as Defendants were aware of serious injuries and death resulting from the Tread+ yet did not recall or suggest a halt of the use of the Tread+; (3) as a result of the safety concerns, the U.S. Consumer Product Safety Commission (“CPSC”) declared the Tread+ posed a serious risk to public health and safety resulting in its urgent recommendation for consumers with small children to cease using the Tread+; (4) the CPSC also found a safety threat to Tread+ users if they lost their balance; and (5) as a result of the foregoing, Defendants’ statements about Peloton’s business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On April 17, 2021, a day the market was closed, the CPSC issued a press release entitled “CPSC Warns Consumers: Stop Using the Peloton Tread+” alerting the public to dangers, including death, associated with the Peloton Tread+.
On this news, Peloton’s stock price fell $16.28 per share, or more than 14% over the next three trading days to close at $99.93 per share on April 21, 2021, damaging investors.
On May 5, 2021, the CPSC and Peloton each issued statements in which the announced that they had come to an agreement to voluntarily recall Peloton’s Tread+ and Tread treadmills. On this news, Peloton’s stock price fell $14.08 per share, or 14%, to close at $82.62 per share on May 5, 2021, further damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than June 28, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Peloton securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/pelotoninteractiveinc-pton-shareholder-class-action-lawsuit-fraud-stock-395/apply/ or contact Joseph R. Seidman, Jr. toll free at (877) 779-1414 or Seidman@bernlieb.com
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP