Vic Skeptics are reporting today that Australia's TGA (Therapeutic Goods Administration) are calling on PowerBalance to withdraw their crazy claims.
QLink, Shuzi, Eken, Phiten and others using the PowerBalance schtick, you'd be well advised to do the same
The TGA is not exactly known for strong enforcement, but I do note the text of the requested retraction clearly says the claims were unlawful, so PowerBalance would probably be well advised to cut it out about now. As would their imitators. For full details, see the Vic Skeptics blog or the TGA decision.