Peloton Interactive Inc (NASDAQ:PTON) shares rose 1.33% on Thursday after the U.S. Consumer Product Safety Commission (CPSC) approved a repair for the recalled ‘Tread+’ treadmill. The fitness equipment maker had announced a costly recall of its ‘Tread+’ treadmill in 2021 following reports of multiple injuries and the death of a child in an accident.
The approved rear guard repair eliminates the potential for entrapment near the rear roller of the treadmill and features a breakaway design that pivots away from the treadmill when it comes into contact with a person or object, shutting off power to the unit and decelerating the belt. To date, in addition to the reported death, Peloton has received a total of 351 incident reports of pull-unders, including 90 reports of injuries to consumers.
Peloton will offer the guard free of charge to all members who own a ‘Tread+’, the virtual workout company said in a statement on its website. The company is also offering a full refund to customers who purchased the Tread+ between November 2020 and May 2021.