NEW YORK--(BUSINESS WIRE)--Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Peloton Interactive, Inc. (“Peloton” or the “Company”) (NASDAQ: PTON) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Peloton between December 9, 2020, and November 4, 2021, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/pton.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Defendants repeatedly, falsely assured investors that Peloton's recent success was not primarily due to COVID-related increased demand, but rather that the Company's growth and financial results were sustainable and would continue post-COVID; (2) Defendants' statements represented specific inventory amounts on hand, and that those inventory levels aligned with and reflected customer demand. In truth, however, and as the Company admitted, Peloton had a material weakness in its internal controls over financial reporting that left Defendants unable to accurately ascertain inventory levels; (3) Defendants accordingly were unable to align supply and demand, and by the end of the Class Period, the Company had a massive growth in inventory that far exceeded customer demand; and (4) as a result, Defendants' statements about the Company's inventory, and what inventory levels reflected regarding demand, were materially false and misleading and/or lacked a reasonable basis.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/pton or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Peloton you have until January 18, 2022, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.