Exercise equipment maker Peloton on Wednesday announced it had agreed with US safety regulators to recall some of its treadmills after multiple accidents, including one that killed a child, and apologized for not acting sooner.

The recall of the Tread+ comes after more than 70 incidents of adults, children and pets being pulled under the belt of the unit, causing 29 injuries to children and the death of a six year old.

The US Consumer Product Safety Commission (CSPC) issued an initial warning last month, urging consumers to stop using the treadmills.

But Peloton, the brand that offers interactive workouts, called the CSPC warning "misleading," saying consumers could continue using the treadmills as long as they followed safety instructions.

Peloton CEO John Foley on Wednesday walked back that stance, saying the recall "was the right thing to do."

"Peloton made a mistake in our initial response to the Consumer Product Safety Commission's request that we recall the Tread+. We should have engaged more productively with them from the outset," he said in a statement. "For that, I apologize."

The recall agreement was reached after "weeks of intense negotiation and effort," acting CSPC Chair said Robert S. Adler said in a statement.

The agreement "requires Peloton to immediately stop selling and distributing both the Tread+ and Tread products in the United States and refund the full purchase price to consumers who wish to return their treadmills," he said.

The company's shares tanked on the news, plunging nearly 14 percent in early afternoon trading.

The recall covers about 125,000 Tread+ models, sold between September 2018 and April 2021, the CSPC said. Their price starts at $4,295.

The company also will recall about 6,500 of the less-expensive Tread model, which had a more limited release and 18 minor incidents with no injuries reported, the statement said.

alb-hs/cs