Peloton Interactive (NASDAQ: PTON) issued a safety recall for 27,000 older exercise bikes Thursday, in partnership with the U.S. Consumer Product Safety Commission, or CPSC. The voluntary recall doesn't involve a problem with the entire bike, but only with the clip-in pedals, specifically PR70P pedals, as reported by Peloton and Business Insider.
The pedals appear on Peloton bikes sold from July 2013 to May 2016, and are the first design of pedals used on any of the company's stationary bicycles. The pedals can be identified by their white lettering and an orange Peloton symbol. Pedals featuring white lettering only are not subject to recall. The company "recommends that Members change their Peloton Bike pedals annually" regardless of whether or not they are part of the recalled batch.
Image source: Peloton Interactive.
The company says so far 120 people have reported the recalled pedals breaking during use, causing a total of 16 injuries, out of which "five injuries required medical care, such as stitches to the lower leg." While the pedals are long out of warranty, Peloton is replacing them free of charge for people who have the specified models and who send in a special order form.
While the defect made splashy headlines, the vast majority of Peloton bikes are unaffected. Despite the recall, and ongoing see-saw lawsuits between Peloton and NordicTrack maker Icon Health & Fitness, Peloton continues to be a dramatic gainer during the COVID-19 pandemic as people seek out at-home solutions for staying fit and healthy.
10 stocks we like better than Peloton Interactive
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Peloton Interactive wasn't one of them! That's right -- they think these 10 stocks are even better buys.
*Stock Advisor returns as of September 24, 2020
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.