Stock Market News

Peloton says CPSC staff recommends fines related to treadmill recall

2022.09.07 15:29

Peloton says CPSC staff recommends fines related to treadmill recall
FILE PHOTO: A person walks past a Peloton store in the Manhattan borough of New York City, U.S., January 25, 2022. REUTERS/Carlo Allegri/File Photo

(Reuters) -Peloton Interactive Inc on Wednesday disclosed that staff at the top U.S. consumer safety regulator plan to recommend the company be fined for violating federal safety laws related to last year’s recall of a line of treadmills.

The fitness equipment maker, which has incurred operating losses each year since its inception in 2012, had paused sales of its ‘Tread+’ machines in all markets last year and announced a costly recall following reports of multiple injuries and the death of a child in an accident.

Peloton (NASDAQ:PTON), in a delayed annual filing on Wednesday, said the U.S. Consumer Product Safety Commission notified it in August that the agency’s staff believed the company had failed to meet statutory obligations under the Consumer Product Safety Act.

The agency’s staff also recommended civil monetary penalties be imposed on Peloton.

“While we disagree with the agency staff, we are engaged in ongoing confidential discussions with the CPSC.” the company said in the filing with the U.S. Securities and Exchange Commission. (https://

The CPSC declined to comment. The agency is not required to adopt staff enforcement recommendations.

Shares of Peloton were up about 1% in morning trade.

Since the recall last year, multiple agencies including the U.S. Department of Justice have opened probes into Peloton. Those investigations are continuing, Peloton said on Wednesday.

The company is in the middle of a restructuring plan to revive its sales, which have plummeted as people head back to working out at gyms.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 76,067.38 1.57%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,913.59 2.48%
tether
Tether (USDT) $ 1.00 0.08%
solana
Solana (SOL) $ 198.82 4.68%
bnb
BNB (BNB) $ 598.87 0.62%
usd-coin
USDC (USDC) $ 1.00 0.03%
xrp
XRP (XRP) $ 0.5515 1.60%
dogecoin
Dogecoin (DOGE) $ 0.19545 0.58%
staked-ether
Lido Staked Ether (STETH) $ 2,913.60 2.40%
cardano
Cardano (ADA) $ 0.426558 14.40%
tron
TRON (TRX) $ 0.160628 1.13%
the-open-network
Toncoin (TON) $ 4.89 0.79%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,472.24 2.70%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 0.26%
avalanche-2
Avalanche (AVAX) $ 27.44 0.30%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 75,865.33 1.23%
weth
WETH (WETH) $ 2,911.10 2.26%
chainlink
Chainlink (LINK) $ 12.75 2.11%
bitcoin-cash
Bitcoin Cash (BCH) $ 378.02 0.01%
sui
Sui (SUI) $ 2.32 1.30%
polkadot
Polkadot (DOT) $ 4.18 0.87%
leo-token
LEO Token (LEO) $ 6.36 2.89%
usds
USDS (USDS) $ 1.00 0.05%
litecoin
Litecoin (LTC) $ 71.40 0.61%
uniswap
Uniswap (UNI) $ 8.93 3.26%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,056.86 2.06%
near
NEAR Protocol (NEAR) $ 4.21 0.76%
aptos
Aptos (APT) $ 9.63 0.48%
pepe
Pepe (PEPE) $ 0.000011 4.35%
bittensor
Bittensor (TAO) $ 501.46 5.71%
internet-computer
Internet Computer (ICP) $ 7.75 2.39%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.41 0.15%
dai
Dai (DAI) $ 1.00 0.06%
stellar
Stellar (XLM) $ 0.101993 3.11%
monero
Monero (XMR) $ 164.23 1.57%
ethereum-classic
Ethereum Classic (ETC) $ 20.11 0.58%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.03%
kaspa
Kaspa (KAS) $ 0.113254 6.43%
whitebit
WhiteBIT Coin (WBT) $ 19.67 2.21%
aave
Aave (AAVE) $ 180.71 1.44%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.342698 0.16%
blockstack
Stacks (STX) $ 1.66 2.23%
crypto-com-chain
Cronos (CRO) $ 0.09042 5.93%
okb
OKB (OKB) $ 40.19 0.96%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.54%
dogwifcoin
dogwifhat (WIF) $ 2.34 1.95%
arbitrum
Arbitrum (ARB) $ 0.577211 0.37%
filecoin
Filecoin (FIL) $ 3.72 1.14%
mantle
Mantle (MNT) $ 0.658828 6.32%