WASHINGTON (Legal Newsline) – The Federal Trade Commission (FTC) and New York Attorney General Eric Schneiderman announced Jan. 9 that they have charged the marketers of dietary supplement Prevagen with making false and unsubstantiated claims about the product’s ability to improve memory.
“The marketers of Prevagen preyed on the fears of older
consumers experiencing age-related memory loss,” said Jessica Rich, director of the
FTC’s Bureau of Consumer Protection. “But one critical thing these
marketers forgot is that their claims need to be backed up by real scientific
defendants in the case are Quincy Bioscience Holding Co. Inc.; Quincy
Bioscience LLC; Prevagen Inc., doing business as Sugar River Supplements; and Quincy
Bioscience Manufacturing LLC. The agencies also charged CEO Michael Beaman and
President Mark Underwood. Both of these individuals appeared in infomercials
for the Prevagen product.
defendants allegedly ran an extensive national advertising campaign for
Prevagen, including TV spots on national broadcast and cable networks such as
CNN, Fox News and NBC. According to the FTC and New York, the ads claimed that
the product would improve memory and provide cognitive benefits and that it is “clinically”
shown to work. The defendants, however, purportedly relied on a study that
failed to show Prevagen works better than a placebo on any measure of cognitive
marketing for Prevagen is a clear-cut fraud, from the label on the bottle to
the ads airing across the country,” Schneiderman
said. “It’s particularly unacceptable that this company has targeted vulnerable
citizens like seniors in its advertising for a product that costs more than a
week’s groceries, but provides none of the health benefits that it claims.”
The FTC seeks refunds for consumers who purchased the product.