Power Balance Declares Bankruptcy
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Power Balance LLC has declared bankruptcy in Santa Ana, California.
After Australian regulators ordered the company to issue a statement that there was no scientific evidence to back their claims that their holographic bracelets provided enhanced athletic performance, and a US lawsuit claiming the company falsely claimed its bracelets improved athletic performance, the company entered into a settlement agreement to provide refunds for the purchase price and shipping.
On Friday, Power Balance filed for bankruptcy protection, but declared via Twitter shortly after "Power Balance is not going out of business. See our new performance mouth gear launching this week".