Have you ever been ripped off at the mall by a creepy salesperson with a bracelet they claim gives you enormous amounts of strength and energy, backing up their claims with convincing demonstrations? But once you got home and used it …. it did absolutely nothing? Well … worry no more, because those bastards are officially closing up shop!!!
According to TMZ, Power Balance (the same company endorsed by several celebrities) will be forking over millions to all who were misled by the product. Aditionally, the company is also expected to file for bankruptcy.
Power Balance — the company that allegedly duped athletes into believing its bracelets could provide super-human strength — is about to take a $57 million dollar hit in a lawsuit filed by people who called BS on the product … TMZ has learned.
As we previously reported, a class action suit was filed in federal court in L.A. back in January … alleging consumers were duped into believing the hologram-embedded band was scientifically proven to enhance balance, flexibility and strength. There was just one small problem — there was never any hard evidence to back those claims.
Now, sources with direct knowledge of the situation tell TMZ … the company has reached a settlement worth $57.4 million, intended to compensate all those who were misled into buying the product.
And it gets worse for PB — we’re told the company will be declaring bankruptcy and plans to fold up shop altogether.
The Power Balance bracelets CRUSHED IT when they first appeared on the scene a few years ago — with superstars like Drew Brees and Shaq vouching for the product.
Turns out … size, strength and talent can’t be sold in stores.
This really puts a smile on our face….considering we were dumb enough to buy the bracelet too, which now just sits on our night stand taking up unnecessary space.