Exercise equipment maker Peloton is recalling its Tread and Tread+ treadmill machines in the US after a number of injuries and the death of a child.
© OtherPeloton's treadmills are advertised for sale at more than £2,000 in the UK Pic: Peloton
It comes after regulators warned people in April to stop using the Tread+ if they have children or pets.
Peloton chief executive John Foley has now apologised over the company's initial response to a request from the Consumer Product Safety Commission (CPSC) that it should recall the Tread+.
© Press ReleasePeloton is best known for its live exercise bike and fitness classes
Shares fell as much as 11%.
Peloton had initially described the CPSC's warning as "inaccurate and misleading", arguing there was no reason for children above the age of 16 to stop using the treadmill.
Two-year-old dragged under Peloton treadmill
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The regulator said the recall came after the death of a six-year-old child who was pulled underneath the rear of a Tread+ treadmill.
There have also been 72 reports of adults, children and pets being left with injuries including broken bones, cuts, and bruises.
The CPSC has told consumers who have bought either treadmill to stop using it immediately and contact Peloton for a full refund or other redress.
Peloton has stopped selling the Tread+ and was working on hardware fixes, the regulator said.
The model had been sold online or at Peloton showrooms from September 2018 until last month for $4,295.
Peloton's UK website advertises the Peloton Tread from £2,295 or £59 per month. The site page also carries a link to the US recall notice.
In the US, the Tread model was sold only as a limited release from November 2020 to March 2021. Owners of that model will be offered a repair in the coming weeks.
Mr Foley, the Peloton boss, said recalling the products was "the right thing to do".
But he added: "I want to be clear, Peloton made a mistake in our initial response to the Consumer Product Safety Commission's request that we recall the Tread+.
"We should have engaged more productively with them from the outset. For that, I apologise."
CPSC acting chairman Robert Adler said: "The agreement between CPSC and Peloton is the result of weeks of intense negotiation and effort, culminating in a cooperative agreement that I believe serves the best interests of Peloton and of consumers."
Peloton is best known for its exercise bike and live fitness class subscription service.
Demand has soared during the pandemic, with the company reporting sales of $1.06bn over the last three months of 2020 - more than double the level of the same period a year earlier - and a profit of $64m.
The recall comes a day before Peloton is due to publish its latest quarterly update.
Sky News has contacted the company's UK representatives and UK safety regulators for a response.
According to Peloton's most recent annual report, the Tread was due to be available for sale in the UK from last December while the Tread+ was only available in the US.