LOS ANGELES, CA (FOX44) - 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.
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, say 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 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.
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