Peloton released a statement on Wednesday stating that they are recalling all Peloton Treadmills. The recall is reportedly due to the death of a child in an accident with the treadmill, and multiple reported injuries.
According to an article from Business Insider (https://www.businessinsider.com/), Peloton has been being pressured by federal regulators to recall the treadmills for at least a month. This came after a child was fatally injured by the product in March.
The Tread+ treadmill, which costs a hefty $4,295, has been receiving complaints from customers since as early as 2019. Multiple customers reported injuries and malfunctions of the treadmill.
Peloton’s stock price dropped quickly after the announcement was made. The opening price for Peloton opened at $97.94 this morning. Peloton’s price at the time of me writing this is $82.65. The time is 4:28pm est.
“I want to be clear, Peloton made a mistake in our initial response to the Consumer Product Safety Commission’s request that we recall the Tread-Plus. We should have engaged more productively with them from the outset. For that, I apologize.”
Peloton CEO John Foley said in a statement on Wednesday.