NEW ORLEANS, Dec. 1, 2021 /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors with losses in excess of $100,000 that they have until January 18, 2022 to file lead plaintiff applications in a securities class action lawsuit against Peloton Interactive, Inc. (NasdaqGS: PTON), if they purchased the Company's shares between December 9, 2020 and November 4, 2021, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
Peloton investors should visit us at https://claimsfiler.com/cases/nasdaq-pton-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Peloton and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 4, 2021, the Company disclosed a shocking cut to its full-year revenue forecast by up to $1 billion from a prior forecast of $5.4 billion to a range of $4.4 to $4.8 billion due to deteriorating demand for its home fitness equipment as customers were increasingly free to pursue other fitness options outside the home. Further, the Company disclosed that inventory totaled $1.27 billion, a 35% increase over the prior quarter, 91% of which were "finished products" still held by the Company.
On this news, shares of Peloton plummeted $30.42 per share, or over 35%, from a closing price of $86.06 per share on November 4, 2021, to a closing price of $43.68 per share on November 5, 2021.
The case is City of Hialeah Employees' Retirement System v. Peloton Interactive, Inc., et al., 21-cv-9582.
ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.
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