Peloton Recalls Faulty Clip-In Bike Pedals Sold in 2013-2016 - TheStreet

Peloton Recalls Faulty Clip-In Bike Pedals Sold in 2013-2016

Peloton recalled some out-of-warranty clip-in bike pedals sold from July 2013 to May 2016 as they can break during use.
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Peloton  (PTON) - Get Report and the U.S. Consumer Product Safety Commission on Thursday said the connected-fitness company would recall some faulty clip-in bike pedals because they can break during use.

In a statement the New York company said it recalled "out-of-warranty PR70P clip-in pedals due to risk of axle breaks." 

"These pedals can break unexpectedly during use, which may result in injury," Peloton said.

So far, Peloton has received 120 reports of pedal breakages and 16 reports of injuries. Of those 16, five required medical care, such as stitches to the lower leg, the company added. 

Peloton said the pedals were fitted on bikes sold between July 2013 and May 2016. 

Customers who bought bikes during these three years should replace their pedals, the sports and media company recommended.

Peloton is working to provide free pedals for self-installation to those affected after they submit a form to meet the eligibility criteria.

The company also advised customers to stop using their bikes until they have installed the new pedals.

Earlier on Thursday, Peloton was sued by Icon Health & Fitness, maker of the NordicTrack bike, for patent infringement, the latest salvo in the ongoing legal battle between the two companies.

Bloomberg reported that Icon filed a lawsuit in a Delaware court based on two features that Peloton added to an exercise bike released in September. They are a swiveling touchscreen and the ability of the bike to automatically change resistance levels during classes.

Separately, Bank of America raised its share-price target for Peloton to $150 from $116.

Shares of Peloton at last check were up 3.6% at $136.11.