As reported on Gizmodo and other media outlets, the Power Balance folks have admitted there's no scientific evidence to support their claims that the hologram bracelets improve strength, balance, and flexibility. I wrote about these things last year in How do those Power Balance bracelets work? I think it's because of the 20-Hz difference between a genius and an ascending colon. and later in Again with the Power Balance bracelets.
In Australia, the Power Balance company has published an admission in the media and is offering refunds. Their statement 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 and therefore we engaged in misleading conduct."