The proposed class action stems from Peloton recalling 2.2 million of its connected fitness bikes due to an issue with the seat post.
Peloton will pay a $19 million fine because it failed to immediately report safety hazard with Tread+ & distributed recalled treadmills.
The insider trading lawsuit alleges that Tread's ongoing safety issues were well known to Peloton executives.
Peloton consumers have until November 6, 2023, to request a refund on the company's recalled Tread+ or move it to another room in the house.
Peloton Tread+ recall refusal caused the stock prices to drop to $105 on Monday after a healthy $116 at the close on Friday.
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