PRESS RELEASE: SCOTTS VALLEY, Calif., October 12, 2016 – Fox Factory Holding Corp. (NASDAQ: FOXF) (the “Company”), today announced the filing of a voluntary recall for certain bicycle FLOAT X2 shock absorber products due to a potential failure hazard.
Consumers should immediately stop using this product unless otherwise instructed. Retailers, distributors, and OEM customers should hold this product and stop sales and distribution until further instructed. It is illegal to resell or attempt to resell a recalled consumer product.
FOX has learned that under certain conditions, some bicycle FLOAT X2 shock absorber air sleeves can rupture due to the increase in internal air pressure which occurs during shock absorber compression.
In response to this information, FOX has filed a Section 15(b) report with the U.S. Consumer Products Safety Commission (CPSC) requesting the CPSC’s permission to conduct a voluntary recall of all Model Year 2016 FLOAT X2 bicycle rear shock absorbers and certain Model Year 2017 FLOAT X2 bicycle rear shock absorbers. The shock absorbers subject to this voluntary filing were shipped on or before September 9, 2016 and DO NOT have a “250 psi max” label directly under the air fill boss on the outer sleeve. FOX is currently working with the CPSC to determine the scope of the voluntary recall and other details, including the remedial plan. A more comprehensive notice issued by the CPSC should be forthcoming in the near future. Meanwhile, if you are a reseller and have the subject rear shock absorbers in stock, please stop selling them immediately.
FOX believes that this voluntary recall will not have any material adverse effect on its financial results or current financial guidance.
If you have any questions or comments regarding this announcement please contact FOX Toll-free: 855-360-3488 (M-F, 8am – 5pm, PT).
