Welp, it's hard to say we didn't see this coming. Power Balance, the company behind the sketchy "energy and balance" hologram-stamped rubber bracelets, is filing for bankruptcy and scrapping the bracelets for good after losing a $57 million lawsuit for—*gasp*—misleading conduct! When you claim that a rubber band can enhance your body's energy and promote balance in a design that was supposed to mimic Eastern philosophies, you better have the scientific proof to back it up, son!
Maybe these are also to blame for Lindsay Lohan's chemical imbalance? Nah. [Huffington Post]
bankruptcy attorney Baltimore January 6th, 2012 at 06:48 AM
Running a business is indeed a gamble. There are times when you profit but there are also times when your products can face lawsuits that might destroy your company's image. This is an unfortunate event and I do hope that more business owners will become vigilant in maintaining the quality of their products and avoid cases that might be filed against them.