Massive Fraud Lawsuit Forces Power Balance To File for Bakruptcy
According to various news sources, Power Balance wristbands, which were sold to millions of consumers worldwide, are not what they claim to be.
A recent lawsuit filed against the manufacturer of the rubber bracelets forced the company to pay off $57 million dollars to the customers being represented in this case.
The power balance class action lawsuit claims no scientific proof could be collected in the defense of the wristbands. The promises of enhanced strength, flexibility and balance could never be accounted for and consumers never got what they were promised. Personal injury lawyers were of great assistance to the consumers who felt strongly about this issue.
Bankruptcy is in the cards for the one-time sensation Power Balance wristbands, which are due to stop making business for good because of the power balance lawsuit.
Although the news state the company will not be able to continue to survive, secondary sources allegedly claim that Power Balance will not stop doing business while the manufacturer is seeking some protection under the Chapter 11 of the bankruptcy law.
According to the reports, $1 million had be paid to the consumers by last September.
As a Los Angeles personal injury lawyer, I hope that companies understand that they are entirely responsible for the kind of promises they make to consumers.