(Reuters) -Peloton Interactive Inc on Wednesday disclosed that staff at the top U.S. consumer safety regulator plan to recommend the company be fined for violating federal safety laws related to last year's recall of a line of treadmills.
The fitness equipment maker, which has incurred operating losses each year since its inception in 2012, had paused sales of its 'Tread+' machines in all markets last year and announced a costly recall following reports of multiple injuries and the death of a child in an accident.
Peloton, in a delayed annual filing on Wednesday, said the U.S. Consumer Product Safety Commission notified it in August that the agency's staff believed the company had failed to meet statutory obligations under the Consumer Product Safety Act.
The agency's staff also recommended civil monetary penalties be imposed on Peloton.
"While we disagree with the agency staff, we are engaged in ongoing confidential discussions with the CPSC." the company said in the filing with the U.S. Securities and Exchange Commission. (https://bit.ly/3RoukD0)
The CPSC declined to comment. The agency is not required to adopt staff enforcement recommendations.
Shares of Peloton were up about 1% in morning trade.
Since the recall last year, multiple agencies including the U.S. Department of Justice have opened probes into Peloton. Those investigations are continuing, Peloton said on Wednesday.
The company is in the middle of a restructuring plan to revive its sales, which have plummeted as people head back to working out at gyms.
(Reporting by Nathan Gomes and additional reporting by Aishwarya Nair in in Bengaluru; Editing by Krishna Chandra Eluri)
(Reuters) -Macy's Inc expects another early start to holiday season shopping this year, a contrast to a prediction from Best Buy Co Inc that highlights the uncertainty among U.S. retailers in forecasting inflation-driven shopping behavior. Pandemic-induced disruptions to supply chains prompted consumers to start their holiday shopping as early as October in the last two years on fears that in-demand products would disappear from shelves by the traditional period around Thanksgiving in late November. Even with supply-chain problems showing signs of easing and shelves at stores adequately stocked, Macy's does not expect the trend to change this year.
The U.S. Defense Department said a study https://www.defense.gov/News/Releases/Release/Article/3153449/press-release-on-the-nasem-section-1663-report/ released Friday shows Ligado Networks' planned nationwide mobile broadband network will interfere with military global positioning system receivers (GPS) receivers. The Federal Communications Commission in April 2020 voted to permit Ligado to deploy a low-power network. In January 2021, the FCC rejected a bid by U.S. government agencies to put its decision on hold.
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The Mutual Fund Dealers Association of Canada (the "MFDA") has commenced disciplinary proceedings in respect of Ann Marie Reid (the "Respondent"). In its Notice of Hearing dated August 22, 2022 (the "Notice of Hearing"), Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules and/or Policies of the MFDA:
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The Department of Defense’s watchdog told two Republican senators that it will evaluate claims that hundreds of Afghan evacuees were allowed to enter the U.S. despite being on the department’s watchlist. “As part of our ongoing body of work on Afghan evacuees, we are initiating an evaluation, to commence in the first quarter of [fiscal…
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