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Power Balance Bracelets

Forced to Pay $57 Million,

Expected to Close Shop

11/21/2011 8:53 AM PST BY TMZ STAFF

Drew Brees Power Bracelets
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.

update_bar

3:10 PM: Power Balance officially filed for bankruptcy this morning ... but afterward, the company posted a tweet stating, "Power Balance is not going out of business."

For more sports stories, check out tmzsports.com!
98 COMMENTS

No Avatar
1.

patty    

any one dumb enuff to buy this doesn't deserve their money back

1070 days ago
2.

Joe    

I laugh at the folks trying to sell this to me at the mall.

The only thing it did for shaq was allow him to get in the buffet lines faster

1070 days ago
3.

Nick    

Anyone who bought one of those, or endorsed this product, is a total moron. They should keep wearing them as it's a good way to spot idiots public.

1070 days ago
4.

AyeJay    

Anyone with common sense would know that if there were ever such a bracelet, it wouldn't cost $19.99 plus shipping and handling.

1070 days ago
5.

UPYOURS    

You have GOT to be kidding me? People actually bought into this thing? Goes back to the old adage, if it sounds too good to be true, IT IS. DUMBASSES

1070 days ago
6.

the artist formerly known as hand turkey    

Orly? Yeah, duh is for dumbass.

1070 days ago
7.

Angela    

I think the money should go to the people who were NOT dumb enough to buy the product! Don't give idiots their money back!

1070 days ago
8.

magmax    

It takes a special kind of stupid to believe any claim made about this silicone bracelet. The fact that so many were sold is a chilling indictment of the American public and culture. And people wonder how the Kardashians made it so big.

1070 days ago
9.

Ozzie X    

Call it even. People stupid enough to believe their product should learn a $19.99 lesson. The company should give the money to charity or help pay our national debt.

1069 days ago
10.

Sher    

Anyone who bought this for more reason than they liked the way it looks DESERVES to lose their money! PULEASE!!

1069 days ago
11.

Combichrist     

" Turns out ... size, strength and talent can't be sold in stores."
±±±+++++++++++++++++±±±

But a fool and his money soon part ways.

1069 days ago
12.

Denver    

When Arco dropped their endorsement deal with the Arena in Denver, the Magoofs, Im sorry the Maloofs needed another sponsor. They found the Power Balance people. Probably on the cheap. So, Power Balance Pavilion was born. AKA Sham Bracelet Pavilion. Since there is no NBA right now it's a moot point, but if it gets started, it's a mystery what the Magoofs will do. Anything they do is a mystery.

1069 days ago
13.

themechanic    

WoW 100 more jobs lost in China on another worthless product
Don't worry the next one is out there somewhere...

1069 days ago
14.

Chuck D of Valpo    

P.T.Barnum said it best, "There's a sucker born every minute."

1069 days ago
15.

Will always LOVE RJ    

American people are the DUMBEST pertaining to "stars"..I mean they believed the KardASShians LMAO!

1069 days ago
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