A popular baby learning company is shutting its doors because it doesn't have the funds to continue operations after defending itself from claims it was a fraud.

FOX News Radio's Chris Hoenig has details:

("Your Baby Can Read" Commercial) "'Your Baby Can Read' is changing thousands of lives around the world."

That was their claim, but the company behind "Your Baby Can Read" says it's closing, unable to afford the legal battle against nay-sayers who have filed complaints alleging that the program is false and deceptive.

("Your Baby Can Read" Commercial) "What's that spell?//Jacob!"

Their ads and infomercials showed tots spelling their names, flipping through flash cards, even reading Charlotte's Web at two years old.

("Your Baby Can Read" Commercial) "And she took a hold of the ax..."

And understanding what they've read.

("Your Baby Can Read" Commercial) "That's not nice!"

Hundreds of thousands of the products were sold.  The company continues to deny any wrongdoing.

Chris Hoenig, FOX News Radio.