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Updated Jan. 21, 2022 8:06 am ET / Original Jan. 20, 2022 1:20 pm ET

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A report that claimed the company is halting all production of its bikes and other products sent shares of Peloton into a free fall.

Jeenah Moon/Bloomberg

Peloton co-founder and CEO John Foley said a media report that claimed the company was halting all production of its bikes and other connected-fitness products amid lower demand from consumers was false.

CNBC, citing internal documents from the company, published an article earlier Thursday that said Peloton wouldn’t manufacture its bikes throughout February and March, halt output of its Tread treadmill beginning next month for six weeks, and produce no Tread+ machines in fiscal 2022. According to CNBC’s report, the company,...