UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________________________________________________
FORM 8-K
_______________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 5, 2021
_______________________________________________________
Peloton Interactive, Inc.
(Exact name of Registrant as Specified in Its Charter)
_______________________________________________________
| Delaware | 001-39058 | 47-3533761 | ||||||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
125 West 25th Street, 11th Floor New York, New York | 10001 | |||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s Telephone Number, Including Area Code: (866) 679-9129
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
_______________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
| Class A Common Stock, $0.000025 par value per share | PTON | The Nasdaq Stock Market LLC | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01. Regulation FD Disclosure.
On May 5, 2021, Peloton Interactive, Inc. (the “Company”) issued joint press releases with the U.S. Consumer Product Safety Commission (the “CPSC”) to announce two separate voluntary recalls of the Company’s Tread+ and Tread treadmills. A copy of the CPSC announcement and joint press releases are furnished as Exhibits 99.1, 99.2, and 99.3, respectively, to this Current Report on Form 8-K.
The Company uses its Investor Relations website (https://investor.onepeloton.com/investor-relations) as well as Peloton's Twitter feed (@onepeloton) and John Foley's Twitter feed (@keylargofoley) as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
The information in Item 7.01 of this Current Report on Form 8-K, including Exhibits 99.1, 99.2, and 99.3, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of such section or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number | Exhibit Title or Description | |||||||
| 99.1 | ||||||||
| 99.2 | ||||||||
| 99.3 | ||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| PELOTON INTERACTIVE, INC. | ||||||||
| Date: May 5, 2021 | By: | /s/ Hisao Kushi | ||||||
| Hisao Kushi | ||||||||
| Chief Legal Officer | ||||||||
CPSC and Peloton Announce: Recall of Tread+ Treadmills After One Child Death and 70 Incidents; Recall of Tread Treadmills Due to Risk of Injury United States CONSUMER PRODUCT SAFETY COMMISSION Release date: May 5, 2021 Release Details 1 of 1 photos Recalled Peloton Tread and Peloton Tread Plus Treadmills
WASHINGTON, D.C. – Today, the U.S. Consumer Product Safety Commission (CPSC) and Peloton are announcing two separate voluntary recalls of Peloton’s Tread+ and Tread treadmills. Consumers who have purchased either treadmill should immediately stop using it and contact Peloton for a full refund or other qualified remedy as described in the press releases below. Peloton has also stopped sale and distribution of the Tread+ and continues to work on additional hardware modifications. CPSC previously warned consumers about the Tread+ in April. In the United States, the Tread was only sold as part of a limited invitation-only release from about November, 2020 to about March, 2021 and the company is currently working on a repair to be offered to Tread owners in the coming weeks. Peloton Recalls Tread+ Treadmills After One Child Died and More than 70 Incidents Reported Peloton Recalls Tread Treadmills Due to Risk of Injury Statement of Robert S. Adler, Acting Chairman of the CPSC I am pleased that the U.S. Consumer Product Safety Commission and Peloton have come to an agreement to protect users of the Peloton Tread+ and Tread products. The agreement, which the Commission voted this morning to accept, requires Peloton to immediately stop selling and distributing both the Tread+ and Tread products in the United States and refund the full purchase price to consumers who wish to return their treadmills. The agreement between CPSC and Peloton is the result of weeks of intense negotiation and effort, culminating in a cooperative agreement that I believe serves the best interests of Peloton and of consumers. I would like to thank the CPSC technical staff who have worked tirelessly to protect consumers and to warn the public. Today we have taken steps to prevent further harm from these two products. Full statement from Robert S. Adler, Acting Chairman of the CPSC Statement of Peloton’s CEO John Foley The decision to recall both products was the right thing to do for Peloton’s Members and their families. 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+. We should have engaged more productively with them from the outset. For that, I apologize. Today’s announcement reflects our recognition that, by working closely with the CPSC, we can increase safety awareness for our Members. We believe strongly in the future of at-home connected fitness and are committed to work with the CPSC to set new industry safety standards for treadmills. We have a desire and a responsibility to be an industry leader in product safety.”
About the U.S. CPSC The U.S. Consumer Product Safety Commission (CPSC) is charged with protecting the public from unreasonable risks of injury or death associated with the use of thousands of types of consumer products. Deaths, injuries, and property damage from consumer product incidents cost the nation more than $1 trillion annually. CPSC’s work to ensure the safety of consumer products has contributed to a decline in the rate of deaths and injuries associated with consumer products over the past 40 years. Federal law bars any person from selling products subject to a publicly announced voluntary recall by a manufacturer or a mandatory recall ordered by the Commission. For lifesaving information: Visit CPSC.gov. Sign up to receive our e-mail alerts. Follow us on Facebook, Instagram @USCPSC and Twitter @USCPSC. Report a dangerous product or a product-related injury on www.SaferProducts.gov. Call CPSC’s Hotline at 800-638-2772 (TTY 301-595-7054). Contact a media specialist. Media Contact Please use the below phone number for all media requests. Phone: (301) 504-7908 Spanish: (301) 504-7800 View CPSC contacts for specific areas of expertise
Peloton Recalls Tread+ Treadmills After One Child Died and More than 70 Incidents Reported United States CONSUMER PRODUCT SAFETY COMMISSION Recall Summary Name of product: Tread+ Hazard: Adult users, children, pets and objects can be pulled underneath the rear of the treadmill, posing a risk of injury or death. Remedy: Refund Recall date:
May 5, 2021 Units: About 125,000 Consumer Contact: Peloton toll-free at 844-410-0141 from 9 a.m. to 7 p.m. ET Monday through Friday, and 9 a.m. to 6:30 p.m. on weekends or online at www.onepeloton.com and click on Product Recalls at the bottom of the page for more information.
Recall Details Description: This recall involves the Peloton Tread+ treadmill with model number TR01. It has a running deck space of 67 inches, a 32-inch high definition (HD) touchscreen and a slatted belt. The treadmill was launched as the Peloton Tread in 2018 but renamed Tread+ in September 2020. The Tread + model number TR01 is printed on a black sticker located on the end cap in the front of the treadmill deck. The treadmills have a touchscreen and are black with the Peloton logo on the monitor and the side rails. PLEASE NOTE: This product is different than the Peloton Tread that is also subject to a voluntary recall in cooperation with the CPSC on May 5, 2021 because the console on the Tread can detach and fall, posing a risk of injury to consumers. Remedy: Consumers should immediately stop using the recalled Tread+ and contact Peloton for a full refund until November 6, 2022. Consumers who return the Tread+ treadmill after that date will receive a partial refund. Peloton is offering consumers who do not want a refund the option of moving the Tread+ free of charge to a room where children or pets cannot access the treadmill, and is implementing software improvements to the product to automatically lock the Tread+ after each use and prevent unauthorized access by assigning a 4-digit passcode that will be required to unlock the Tread+. Incidents/Injuries: A 6-year-old child recently died after being pulled under the rear of the treadmill. In addition, Peloton has received 72 reports of adult users, children, pets and/or objects being pulled under the rear of the treadmill, including 29 reports of injuries to children such as second- and third-degree abrasions, broken bones, and lacerations. Sold At:
Online at onepeloton.com and at Peloton showrooms from September 2018 through April 2021 for about $4,295. Importer(s): Peloton Interactive, Inc., of New York Distributor(s): Peloton Interactive, Inc., of New York Manufactured In: Taiwan Recall number: 21-128 Choose Your Recall Emails
Peloton Recalls Tread Treadmills Due to Risk of Injury United States CONSUMER PRODUCT SAFETY COMMISSION Recall Summary Name of product: Tread Hazard: The touchscreen on the treadmill can detach and fall, posing a risk of injury to consumers. Remedy: Refund Repair Recall date:
May 5, 2021 Units: About 1,050 (In addition, about 5,400 in Canada) Consumer Contact: Peloton toll-free 844-410-0141 from 9 a.m. to 7 p.m. ET Monday through Friday, and 9 a.m. to 6:30 p.m. ET on weekends or online at www.onepeloton.com and click on Product Recalls at the bottom of the page for more information.
Recall Details In Conjunction With: Description: This recall involves Peloton Tread treadmills with model TR02.The recalled Tread has a running space of 59 inches, a 23.8-inch high definition (HD) touchscreen console and a non-slatted running belt. The model number TR02 is printed on a black sticker located on the end cap in the front of the treadmill deck. The treadmills have a touchscreen and are black with the Peloton logo on the monitor and the side rails. PLEASE NOTE: This product is different than the Peloton Tread+ that was also recalled by the CPSC on May 5, 2021 because children, pets, and objects can be pulled underneath the Tread+ deck, posing a risk of injury or death. Remedy: Consumers should immediately stop using the recalled treadmills and contact Peloton for a full refund. Peloton is offering consumers who do not want a refund the option of waiting for a free inspection and repair that will secure the touchscreen to the treadmill to help prevent future incidents. CPSC and Peloton will provide an update when a timeline on that repair is made available. Incidents/Injuries: The firm is aware of 18 reports of the touchscreen loosening and six reports of the touchscreen detaching and falling. No injuries have been reported in the U.S. There have been reports of minor injuries such as abrasions, minor cuts, and bruises in Canada and the United Kingdom. Sold At:
Limited invitation-only release online at onepeloton.com and at Peloton showrooms from November 2020 through March 2021 for about $2,495. Importer(s): Peloton Interactive, Inc., of New York Distributor(s): Peloton Interactive, Inc., of New York Manufactured In: Taiwan Recall number: 21-129 Choose Your Recall Emails