According to the Complaint, Peloton Interactive, Inc. provides interactive fitness products such as the Peloton Bike and the Peloton Tread+ and Tread, which include touchscreens that stream live and on-demand classes.

The Complaint alleges that Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) in addition to the tragic death of a child, Peloton'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 that 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 balance; and (5) 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 May 6, 2021, Plaintiff filed an amended Complaint. On November 16, the Court adopted the magistrate judge's report and recommendation to consolidate cases and appoint Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on January 21, 2022. Defendants filed a Motion to Dismiss the amended Complaint on April 26.

On December 15, 2022, the parties notified the Court that they had reached a settlement-in-principle to resolve all claims in the action. On February 23, 2023, the Court dismissed Defendants' Motion to Dismiss as moot in light of the parties' settlement-in-principle.

On April 17, 2023, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on February 21, 2024.