NEW ORLEANS, Nov. 24, 2021 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until January 18, 2022 to file lead plaintiff applications in a securities class action lawsuit against Peloton Interactive, Inc. (NasdaqGS: PTON), if they purchased the Company's shares between December 9, 2020 and November 4, 2021, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of New York.
What You May Do
If you purchased shares of Peloton and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-pton/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by January 18, 2022.
About the Lawsuit
Peloton and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 4, 2021, the Company disclosed a shocking cut to its full-year revenue forecast by up to $1 billion from a prior forecast of $5.4 billion to a range of $4.4 to $4.8 billion due to deteriorating demand for its home fitness equipment as customers were increasingly free to pursue other fitness options outside the home. Further, the Company disclosed that inventory totaled $1.27 billion, a 35% increase over the prior quarter, 91% of which were "finished products" still held by the Company.
On this news, shares of Peloton plummeted $30.42 per share, or over 35%, from a closing price of $86.06 per share on November 4, 2021, to a closing price of $43.68 per share on November 5, 2021.
The case is City of Hialeah Employees' Retirement System v. Peloton Interactive, Inc., et al., 21-cv-9582.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
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