Seems there are folks willing to call them on their BS, first in Australia, now here in the States. Reality marches on. I wonder how long the profits will continue to roll in.
“We are pleased to resolve these matters, which will enable Power Balance to get back to the business of building a brand and further developing our Performance Technology™,” said Nina Freeland-Ringel, general counsel for Power Balance. “As with many early technologies, especially one involving Eastern origins, we recognize the potential for confusion in the marketplace, and concede we got ahead of ourselves with claims about our first product. While we have yet to fully document its benefits, we are wholly committed to the continued development of Power Balance products in association with athletes around the world."
Power Balance and counsel for the plaintiff in Batungbacal on Friday filed papers requesting the Court’s preliminary approval of the settlement. This case and related lawsuits stem from a similar matter involving Power Balance’s Australian distributor and the Australian Competition and Consumer Commission (ACCC), which was resolved in December 2010.
Dr. Steve Novella, M.D., has a very nice write-up at Neurologica. If you still need a magic rubber bracelet be sure to buy an accurately labeled Placebo Band from SkepticBros.