After admitting that their PowerBalance bracelets are worthless pieces of plastic in Australia, the company has officially filed for Chapter 11 bankruptcy protection in the United States following a class action suit filed in a Los Angeles' federal court.
What a surprise. Citing "sources with direct knowledge of the situation," TMZ claims the settlement amount is $57 million. The stupid makers of stupid bands with stupid holograms claim is only $1 million and said that they are "not going out of business" in Twitter, despite filing for Chapter 11. In fact, spokesman Jason Damata told the NY Daily News that PowerBalance "is actually in the process of launching a new product, dubbed performance mouth gear in markets over the next few weeks."