Peloton Interactive Inc. can exit a lawsuit by shareholders because they faulted simple corporate optimism, and statements that weren’t false, when alleging the company misled them about its growth, a federal court ruled.

The complaint over projections of sales past the peak of the Covid-19 pandemic must be dismissed, Judge Andrew L. Carter Jr. said Thursday for the US District Court for the Southern District of New York. But the institutional investors that brought the suit will be able to re-plead their claims, he said.

Consumer demand for Peloton’s stationary bicycles and treadmills increased exponentially as pandemic closures began, according ...

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