A Peloton exercise bike is shown in this file photo. Picture: ADAM GLANZMAN / BLOOMBERG
Instead of growing, sales of the company’s stationary bikes and treadmills started falling as the pandemic dragged on and its stock price sunk, wiping out billions of dollars of shareholder value, the fund claimed in the lawsuit, filed on Thursday in Manhattan federal court. In one case, Peloton CEO John Foley told an investor the company’s results had “nothing to do with Covid” and instead were simply based on “a human need of, I want to get fit, I want fitness in my life in a consistent way,” according to the lawsuit.
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