RECALL NOTICE: Injuries Trigger Peloton To Issue Immediate Recall of 2.2 Million Units
If you know a Peloton user, you will want to read this...
If you own a Peloton — or any their stock — you might want to sit down for this story. Just don’t sit on the bike itself.
That’s because a number of injuries connected to a faulty seat (including at least one broken wrist) have led to a massive voluntary recall of the product.
Peloton is recalling 2.2 million of its original bikes because the seat post can break off while a person is using the equipment, according to a filing by the company with the Consumer Product Safety Commission. Consumers should “immediately stop using the recalled exercise bikes,” the recall notice advises.
So far, the high-end exercise equipment maker has received 35 reports of the seat post breaking and coming apart during rides, according to the CPSC. Of those, 13 involved injuries, including a fractured wrist, lacerations and bruises caused by falls from the bike as a result of the faulty part. — CBS
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Users are encouraged to contact the company, which is offering free replacement of the faulty seat posts after reports of thirty-five failures, some of which caused injury.
If you suspect your Peloton may fall within the recall, Look for model number PL01 on any bikes sold between January 2018 and May 2023 in the United States.
The company has taken an $8.4 Million hit in the expense side in resolving this issue in the Jan-March quarter.
News reports make reference to the stock sliding in the news, but at the time of this writing, stocks are currently trading near (but not yet at) 52-week lows.
We’ll leave investing advice to the professionals, and markets being what they are, stocks can always shoot up or down at the drop of a hat.
But the trend lines at this point haven’t yet broken any historical new ground in either direction.
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