BROOKLYN, N.Y., March 06, 2024 (GLOBE NEWSWIRE) -- The following statement is being issued by Faruqi & Faruqi, LLP regarding Peloton Interactive, Inc. Securities Litigation.
UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF NEW YORK
| IN RE PELOTON INTERACTIVE, INC. SECURITIES LITIGATION | Case No. 1:21-cv-02369-CBA-PK SUMMARY NOTICE OF (I) PENDENCY OF CLASS ACTION AND PROPOSED SETTLEMENT; (II) SETTLEMENT HEARING; AND (III) MOTION FOR ATTORNEYS’ FEES AND LITIGATION EXPENSES |
To: All Persons who purchased or otherwise acquired Peloton Interactive, Inc.’s (“Peloton”) securities between September 11, 2020 and May 5, 2021, inclusive, and who suffered damages thereby (“Settlement Class”).
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Eastern District of New York, that Richard Neswick, Lead Plaintiff in the Action (“Lead Plaintiff”), on behalf of himself and all members of the Settlement Class and Defendants Peloton Interactive, Inc. (“Peloton”), and John Foley, Jill Woodworth, Hisao Kushi, and Brad Olson (the “Individual Defendants,” and with Peloton, the “Defendants,” and collectively with Plaintiffs, the “Parties”), have reached a proposed settlement of the claims in the Action in the amount of $13,950,000 (the “Settlement”).
A hearing will be held before Magistrate Judge Peggy Kuo, on June 20, 2024, at 10:00 a.m. in Courtroom 11C South of the United States District Court for the Eastern District of New York, at the Theodore Roosevelt Court House, 225 Cadman Plaza East, Brooklyn, NY 11201 (the “Settlement Hearing”) to, among other things, determine whether the Court should: (i) approve the proposed Settlement as fair, reasonable, and adequate; (ii) dismiss the Action with prejudice as provided in the Stipulation and Agreement of Settlement, dated April 17, 2023; (iii) approve the proposed Plan of Allocation for distribution of the settlement funds available for distribution to Settlement Class Members (the “Net Settlement Fund”); and (iv) approve Lead Counsel’s Fee and Expense Application. The Court may change the date of the Settlement Hearing, or hold it telephonically, without providing another notice. You do NOT need to attend the Settlement Hearing to receive a distribution from the Net Settlement Fund.
IF YOU ARE A MEMBER OF THE SETTLEMENT CLASS, YOUR RIGHTS WILL BE AFFECTED BY THE PROPOSED SETTLEMENT AND YOU MAY BE ENTITLED TO A MONETARY PAYMENT. You may obtain copies of the Notice and Proof of Claim form by visiting the website of the Claims Administrator, www.PelotonSecuritiesSettlement.com, or by contacting the Claims Administrator at:
In re Peloton Interactive, Inc. Securities Litigation
Epiq Systems, Inc.
PO Box 2915
Portland, OR 97208-2915
Info@PelotonSecuritiesSettlement.com
Inquiries, other than requests for the Notice/Claim Form or for information about the status of a claim, may also be made to Lead Counsel:
James M. Wilson, Jr.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Telephone: 212-983-9330
Facsimile: 212-983-9331
Email: jwilson@faruqilaw.com
If you are a Settlement Class Member, to be eligible to share in the distribution of the Net Settlement Fund, you must submit a Claim Form postmarked or submitted electronically no later than May 21, 2024. If you are a Settlement Class Member and do not timely submit a valid Claim Form, you will not be eligible to share in the distribution of the Net Settlement Fund, but you will nevertheless be bound by all judgments or orders entered by the Court relating to the Settlement, whether favorable or unfavorable.
If you are a Settlement Class Member and wish to exclude yourself from the Settlement Class, you must submit a written request for exclusion in accordance with the instructions set forth in the Notice such that it is received no later than May 29, 2024. If you properly exclude yourself from the Settlement Class, you will not be bound by any judgments or orders entered by the Court relating to the Settlement, whether favorable or unfavorable, and you will not be eligible to share in the distribution of the Net Settlement Fund.
Any objections to the proposed Settlement, Lead Counsel’s Fee and Expense Application, and/or the proposed Plan of Allocation must be filed with the Court, either by mail or in person, and be mailed to counsel for the Parties in accordance with the instructions in the Notice, such that they are received no later than May 30, 2024.
PLEASE DO NOT CONTACT THE COURT, DEFENDANTS, OR DEFENDANTS’ COUNSEL REGARDING THIS NOTICE.
Dated: March 4, 2024
BY ORDER OF THE COURT
UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF NEW YORK
SOURCE: Faruqi & Faruqi, LLP
URL: www.PelotonSecuritiesSettlement.com
