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Power Balance L.L.C., the company behind the wildly popular and allegedly bogus “performance-enhancing” bracelet that enthralled professional athletes, pop culture icons and millions of other consumers, has filed for bankruptcy after reportedly agreeing to settle a class action false advertising lawsuit for $57 million.
Power Balance filed for Chapter 11 protection Nov. 18 in Los Angeles bankruptcy court, records show.
The Laguna Niguel, Calif.-based company was sued in January by angry customers who alleged the company purposefully exaggerated its products’ abilities to improve balance, strength and flexibility.
The $57 million settlement reportedly was finalized Monday, according to TMZ.com and several other news outlets.
During the course of the lawsuit, Power Balance was unable to produce any tangible evidence that its products—hologram “infused” bracelets, pendants and other jewelry—improved athletic ability or performance as advertised, according to TMZ.com.
The products enjoyed a brief popularity among star athletes such as Shaquille O’Neal, Kobe Bryant and Drew Brees.
LOS ANGELES—Still months away from airing, Ryan Seacrest’s latest foray into reality television has landed him in some legal hot water, according to several media outlets.