Sacramento Arena Namesake Power Balance Is Allegedly Filing for Bankruptcy
The Sacramento news outlets have reported that the Power Balance Company, which has purchased the rights to the name of the Sacramento Kings’ arena in the beginning of this year, is filing for bankruptcy protection. The news regarding the power balance lawsuit have not come as a surprise to many consumers who felt betrayed by the advertising that claimed the bracelets could improve the body’s natural energy.
The Los Angeles personal injury attorney Kevin Boyle of Panish, Shea & Boyle, is the lead counsel on the power balance class action lawsuit case. He was interviewed by The Bee and has confirmed the settlement of $57.4 million. According to the power balance lawsuit, all of those who have purchased a bracelet from the Power Balance brand will have a full refund and an extra $5 for shipping and handling.
The company has allegedly filed for voluntary bankruptcy protection in Santa Ana last Friday according to the news. After the wristbands from the Power Balance brand were made popular, many high-profile athletes started wearing them as well, consumers were led to believe the allegedly false promises of a better athletic performance and physical balance.
Personal injury lawyers believe that no consumer should ever be misled by any advertisement, especially when it comes to something promising a healthier life style.