Bulletin
Investor Alert

New York Markets Open in:

press release

Feb. 4, 2020, 7:01 a.m. EST

Peloton Announces Settlement Of Litigation Against Flywheel Sports, Inc.

Flywheel Agrees to Cease Using Peloton's Patented Technology

NEW YORK, Feb. 4, 2020 /PRNewswire/ -- Peloton /zigman2/quotes/208035743/composite PTON -10.06% , the world's largest interactive fitness platform, today announced that it has settled its patent infringement litigation against Flywheel Sports, Inc.

(PRNewsfoto/Peloton)

"We're very excited to have registered a massive win in our fight to protect Peloton's intellectual property. This result reinforces the strength of our patent portfolio and reaffirms our lead as an innovation company operating at the intersection of fitness, technology and content," said Hisao Kushi, Chief Legal Officer and Co-Founder of Peloton.

In 2018 and 2019, Peloton initiated patent infringement suits against Flywheel related to its Fly Anywhere bike for infringing on Peloton's patented technology. Today, Peloton officially issued the following statement:

"Peloton Interactive, Inc. is pleased to announce that it has settled its patent infringement litigation against Flywheel Sports, Inc. As a condition of the settlement, Flywheel has agreed to immediately cease its use of Peloton's patented technology, and Peloton has agreed to dismiss its litigation against Flywheel. Flywheel, likewise, has terminated its proceedings against Peloton at the U.S. Patent and Trademark Office."

Peloton was represented in the litigation by Steven Feldman of Hueston Hennigan LLP.

The Notice of Settlement can be found here:  https://hueston.com/FWsettlement  

The cases are Peloton Interactive Inc. v. Flywheel Sports Inc ., Nos. 2:18-cv-00390 and 2:19-CV-00317, in the U.S. District Court for the Eastern District of Texas.

About Peloton Peloton is the largest interactive fitness platform in the world with a loyal community of over 1.6 million Members. The company pioneered connected, technology-enabled fitness, and the streaming of immersive, instructor-led boutique classes for its Members anytime, anywhere. We make fitness entertaining, approachable, effective, and convenient, while fostering social connections that encourage our Members to be the best versions of themselves. An innovation company at the nexus of fitness, technology, and media, Peloton has reinvented the fitness industry by developing a first-of-its-kind subscription platform that seamlessly combines the best equipment, proprietary networked software, and world-class streaming digital fitness and wellness content, creating a product that its Members love. The brand's immersive content is accessible through the Peloton Bike, the Peloton Tread, and Peloton App, which provides a full slate of fitness offerings, anytime, anywhere, through iOS and Android, Chromecast, and most tablets and computers and Fire TV. Founded in 2012 and headquartered in New York City, Peloton has a growing number of retail showrooms across the US, UK, Canada and Germany. For more information, visit   www.onepeloton.com .

Media Contact: Jessica Kleiman, SVP, Global Communications, Peloton
646-829-1633, jkleiman@onepeloton.com

Cision
View original content to download multimedia: http://www.prnewswire.com/news-releases/peloton-announces-settlement-of-litigation-against-flywheel-sports-inc-300998463.html

SOURCE Peloton

Copyright (C) 2020 PR Newswire. All rights reserved

/zigman2/quotes/208035743/composite
US : U.S.: Nasdaq
$ 61.58
-6.89 -10.06%
Volume: 13.15M
July 13, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$19.39 billion
Rev. per Employee
N/A
loading...

Comtex
Link to MarketWatch's Slice.