Peloton shares tumbled on Thursday after the exercise equipment and accessories company issued a voluntary recall of about 2.2 million of its exercise bikes due to fall and injury hazards.
Per a notice from the United States Consumer Product Safety Commission and a statement from Peloton, the recall impacts original Peloton model bikes sold in the United States from January 2018 and May 2023.
The reason for the recall is that the PL-01 bike seat post assembly can break during use, posing fall and injury hazards to the user.
Peloton said it has received 35 reports of the seat post breaking and detaching from the bike during use, out of 2,160,000 units sold.
This includes 13 reports of injuries, including a fractured wrist, lacerations, and bruises as a result of the user falling from the bike.
Consumers are advised to stop using the recalled exercise bikes immediately and contact Peloton for a free repair.
“Peloton is offering a free, replacement seat post to all US Peloton original Bike owners, which can be installed at home, without the need for a service call,” Peloton said in a statement.
After falling 8.9% at the close on Thursday, Peloton stock moved 1% higher at US$6.93 in pre-market trading.
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