Power Balance bracelets exposed as fraud

Maybe those hologram-embedded rubber wrist bands can’t make you a sports star after all.

The Power Balance bracelets--which are believed to improve strength, balance and flexibility by partnering “key frequencies of the human energy system,”--have soared in popularity since being released in 2007.

But a new ruling in an Australian court has brought into question the legitimacy of the product. In a statement published in Australian, Power Balance says, “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.”

Part of the product’s popularity was the believe that it could improve athletic performance, which was given credibility thanks to endorsements from high profile athletes like Shaquille O’Neal and David Beckham.

In Shaq’s advertisement, he says, “I don’t really do a lot of testimonials. But this works.”

After the statement in an Australian court, the company took to Twitter to defend it’s product, saying "PowerBalance Admits Their products are worn by the top athletes in every sport across the globe!"

The company also issued an official statement on its website:

“Power Balance products work. The existing reports out there are fundamentally incorrect. Power Balance did not make any claims that our product does not perform

“While our previous claims in marketing ads are not up to Australia’s ACCC standards – we stand behind our products. The belief of thousands of consumers and athletes who wear our products are not wrong.”

Several athletes are also standing behind the products, tweeting that they aren't going to stop wearing the bracelets in light on the recent news.