Why Peloton Stock Traded Lower Today
Shares of Peloton Interactive (NASDAQ: PTON) fell on Tuesday after the company said it's going to be late submitting an important document to the Securities and Exchange Commission (SEC). As of 1:50 p.m. ET, Peloton stock was down by about 8%.
Peloton announced financial results for its fiscal 2022 on Aug. 25 via a press release. However, the SEC is looking for an official 10-K form, not a press release. The 10-K goes into far greater detail than a simple earnings press release, but both documents are typically filed at around the same time. Not so with this year's 10-K from Peloton.
According to Monday's filing with the SEC, Peloton needs more time for its auditors to go over management's assessment of its impairment charges and the effectiveness of its internal controls. For investors, that sounds bad, and it's partly why Peloton stock is down Tuesday.
Source Fool.com
