Faruqi & Faruqi, Lead Counsel, Defeats Motion for Change of Venue in Peloton Interactive, Inc. Securities Case

On January 26, 2022, Judge Carol Bagley Amon of the United States District Court for the Eastern District of New York issued an Order denying a motion filed by Defendants seeking to transfer the securities litigation pending against Peloton, Interactive, Inc. (“Peloton”) to the Southern District of New York. 

Over six months after the Eastern District case was filed against Peloton, and on the same day that Judge Amon appointed Faruqi & Faruqi’s client Richard Neswick as Lead Plaintiff and the firm as Lead Counsel, a new class action was filed against Peloton in the Southern District of New York. The Southern District case is predicated on a different set of factual allegations than those in the Eastern District case. In early December, a second, follow-on action was filed in the Southern District. Shortly thereafter, Defendants sought to move the Eastern District case to the Southern District. 

In a thoroughly reasoned eight-page decision, Judge Amon denied the Defendants’ request to transfer, finding that they failed to satisfy their burden of showing that transfer was appropriate. Specifically, Judge Amon acknowledged the differences between the Eastern and Southern District actions and rejected Defendants’ arguments that they should be heard in the same venue to promote trial efficiency and the interests of justice.

The class action is captioned In re Peloton Interactive Securities Litigation, No. 21-CV-2369 (CBA) (PK). A copy of the Order can be found here.

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