Peloton has announced a voluntary recall of both its treadmill machines over safety concerns. The Tread+ and Tread treadmills have caused injuries and the death of one child died.
Last month, the Consumer Product Safety Commission requested a recall but Peleton told customers there was no reason to stop using its treadmills and advised owners to keep pets and children out of the area while it was in use. The company had also recommended a key be used to lock the device after each workout.
Peloton shares dropped more than 7% after the news broke.
Peloton apologized in a statement from CEO John Foley for not acting more quickly to resolve the issue after reports of one death and dozens of injuries.
“I want to be clear, Peloton made a mistake in our initial response to the Consumer Product Safety Commission’s request that we recall the Tread+. We should have engaged more productively with them from the outset. For that, I apologize.”