On August 27, 2025, the United States Court of Appeals for the Second Circuit issued a split decision in a putative securities fraud class action against a fitness company (the “Company”) and several executives (collectively, “Defendants”). City of Hialeah Empls. Retirement Sys. v. Peloton Interactive, Inc. , No. 24-2803 (2d Cir. Aug. 27, 2025). The panel affirmed in part and vacated in part U.S. District Judge Andre L. Carter of the Southern District of New York’s dismissal of claims brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, alleging that Defendants made false and misleading statements about consumer demand for its products and inventory levels following the COVID-19 pandemic. We previously covered the district court’s rulin

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