Power Balance is a company that prospered on gullibility: they sell overpriced silicon rubber wristbands with an imbedded hologram that do absolutely nothing, but which they claimed would enhance athletic performance. And they got suckers to shell out $60 for them.

The law caught up to them and forced them to publicly retract their claims. Here’s what you’ll find on their website now.

In our advertising we stated that Power Balance wristbands improved your strength, balance and flexibility.

We admit that there is no credible scientific evidence that supports our claims and therefore we engaged in misleading conduct in breach of s52 of the Trade Practices Act 1974.

If you feel you have been misled by our promotions, we wish to unreservedly apologise and offer a full refund.

To obtain a refund please visit our website www.powerbalance.com.au or contact us toll-free on 1800 733 436

This offer will be available until 30th June 2011. To be eligible for a refund, together with return postage, you will need to return a genuine Power Balance product along with proof of purchase (including credit card records, store barcodes and receipts) from an authorised reseller in Australia.

This Corrective Notice has been paid for by Power Balance Australia Pty Ltd and placed pursuant to an undertaking to the Australian Competition and Consumer Commission given under section 87B of the Trade Practices Act, 1974.

I’d be jubilant, except that I expect this will make no difference at all to their scam. They’re still selling the same old garbage at the same extravagant price.