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Jim Cramer Says Buy Peloton Stock Now

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U.S. regulators and Peloton jointly said they were recalling the company's Tread+ and Tread treadmill machines after injuries and a death.

The U.S. Consumer Product Safety Commission said in a statement that consumers who bought either treadmill should immediately stop using it and contact Peloton for a full refund.

This comes after the commission issued an "urgent warning" linked to the devices last month.

CEO John Foley said in a statement that the decision to recall both products "was the right thing to do for Peloton’s members and their families."

"I want to be clear, Peloton  (PTON) - Get Peloton Interactive Inc. Report made a mistake in our initial response to the Consumer Product Safety Commission’s request that we recall the Tread+," he said. "We should have engaged more productively with them from the outset. For that, I apologize."

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