Peloton Won’t File 10-K On Time, Signals Potential Conflict With Auditor
Impairment charges are at the center of potential dispute that includes the effectiveness of internal controls.
August 30, 2022
In announcing it will file its annual report late, Peloton Interactive, (PTON) indicated it may be at odds with its auditor, Ernst & Young (EY).
The notice states that Peloton needs more time to work on the accounting and disclosures related to the measurement of its fourth quarter long-lived asset impairment charges associated with the recent decision to shut down its last-mile warehouse. Peloton also needs extra time to assess the effectiveness of the company’s internal controls related to the impairment charge.
Notably, Peloton suggested EY also needed additional time to complete an audit of the impairment charge and management’s assessment of the company’s internal controls.
Related: NKE, LULU, PLNT, BC, NLS, UA, PUMA
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