Peloton recalls treadmills after injuries,1 death

Saying it had made a mistake and apologizing, Peloton on Wednesday announced it was recalling its treadmills, reversing course after CEO John Foley earlier urged owners only to check safety warnings following the death of a child in an accident.

The U.S. Consumer Product Safety Commission in April warned consumers about the dangers of Peloton's Tread+ treadmills after reports of dozens of incidents of children, and a pet, being sucked beneath the machine – with one child dying.

In response, Peloton called the warning (quote), "inaccurate and misleading," arguing there was no reason for children above 16 to stop using the machine.

But CEO Foley issued a statement Wednesday, saying (quote), "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."

Peloton is issuing recalls for both its Tread and Tread+ treadmills, and has also stopped sale and distribution of the Tread+.

Reports in the past few months of injuries to children have chipped away at some of the company’s stock gains that were spurred by a surge in popularity of its exercise bike among people staying at home during the health crisis.

Peloton's shares fell Wednesday on the news of the recall.