One Down, Many More to Go
Remember those balance bracelets I told you about? The ones that celebrities and athletes wear to supposedly improve their performance? The ones that have no plausible way of working, have been sued for making false claims, are based on physics-based parlor tricks, have been outlawed in Australia, and have been debunked in academic journals?Well, good news, these hucksters have filed for bankruptcy.
Power Balance, the Southern California wristband company that purchased the naming rights of the Sacramento Kings’ arena earlier this year, filed for bankruptcy protection last week, documents show.
The company’s filing for Chapter 11 reorganization comes after it settled a $57.4 million class action lawsuit in September filed by customers who charged the company with false advertising.
While this was by no means a fast reaction to bogus claims, it’s good to see a waste of money and perpetrator of pseudoscience get what’s coming to it. Now we just have to deal with the huge number of derivatives. I mean come on, holographic stickers?