The peloton fitness technology company has recalled tape machines after reports of injuries and deaths from the machines, which the company’s shares have been sent to for at least seven months.
The move comes more than two weeks after the U.S. Consumer Product Safety Commission, a federal safety agency, asked people with small children or pets to stop using Peloton tape types after investigating the child’s death. 72 agencies reported pulling adults, children, pets or objects on the back of the tread + tape.
Peloton earlier dismissed the CPSC’s initial warning, saying it was “inaccurate and misleading” and that anyone over the age of 16 could continue to use Tread +.
Peloton CEO John Foley apologized on Wednesday, saying the company “made a mistake in its initial response to the Consumer Product Safety Commission’s Tread + recall request.”
Foley added: “We should be more productive with them from the beginning. For that, I apologize.”
Under the agreement with regulators, Peloton will voluntarily recall Tread + and Tread tapes and offer a full refund to customers who want to return their machines. Tread + sells for about $ 4,300.
Owners are advised to stop using tape mats immediately. The CPSC said the peloton was making more hardware changes.
The agreement also calls for Peloton to stop selling and distributing the tape in the United States, “which was the result of weeks of intense negotiation and effort, and I believe a partnership agreement was reached that serves Peloton and consumers for the benefit of the people.” , According to Robert Adler, acting president of the CPSC.
Foley said the company is “committed to working with the CPSC to establish new industry safety standards for tape products. We have the desire and responsibility to be an industry leader in product safety.”
Peloton, known for his stationary bike and home cycling classes, unveiled his ribbon in 2018. It announced last year that it would launch a cheaper version of its motor belt, Tread, with a retail price of around $ 2,500.
Shares of the platoon fell 10 percent to $ 87.08, until they fell to their final levels in September.