Peloton Interactive Inc., the maker of at-home fitness bikes, is suing Flywheel Sports Inc. for allegedly stealing the technology for the bike.
Peloton, the technology company that revolutionized the fitness industry with its category-creating indoor cycling bike and recently raised $550 million at a more than $4 billion valuation, filed a lawsuit against Flywheel Sports, Inc, claiming that rather than innovating and investing, as Peloton had, Flywheel infringed the Peloton Patents by creating a copycat of the Peloton Bike called the “FLY Anywhere,” that, among other things, detects, synchronizes and compares the ride metrics of remote users on a graphical user interface.
Peloton also claims that Flywheel’s infringement is willful. Just three months before Flywheel announced its development of the FLY Anywhere bike, one of its largest investors, Michael Milken—the prominent businessman previously convicted of securities law violations—attended a private investment conference for high net worth investors where he met with CEO John Foley, where he “pressed for, and obtained, information from Foley about Peloton’s technology and business strategy.”
Peloton is represented by Steven N. Feldman, Alexander C.D. Giza, Doug Dixon, Xinlin Morrow, Jenna Williams and Neil Anderson of Hueston Hennigan LLP.