Healthier Choices Management Corp. (OTCPink: HCMC) ended Thursday’s trading session down -7.69 percent at $0.0012 and has been trading in a day range of $0.0013 to $0.0011. HCMC stock has dropped more than -25.00% in the last month, with over 1.88B shares exchanged.
In terms of three-month performance, HCMC stock lost over 14.29% while volume averaged 2.05B. HCMC stock gained over 1100.00% during the past 12 months, reaching a high of $0.0065 with a market cap of $370.71M. HCMC stock plummeted following news of a petition for a review by the Patent Trial and Appeal Board (PTAB).
For what purpose was that filing made?
Healthier Choices aims to provide consumers with better nutritional options and health-oriented lifestyle choices. HCMC manages a portfolio of intellectual property through its wholly owned subsidiary, HCMC Intellectual Property Holdings, LLC. A total of eight HCMC stores sell e-liquids, vaporizers, and other vape-related products in the Southeast region of the United States.
Healthier Healthier Choices on Wednesday announced that Philip Morris Products SA (“Philip Morris”) had filed a petition with the Patent and Trademark Office’s PTAB.
- Philip Morris sought to invalidate HCMC’s US Patent No. 10,561,170 through an inter parts review (“IPR”).
- HCMC will be given three months to submit an optional preliminary response if Philip Morris’ IPR petition is accepted by the PTAB.
- The PTAB will decide whether to begin the IPR proceedings within three to six months of Philip Morris’ IPR petition being accepted or after the HCMC responses are submitted.
- The PTAB will issue a written decision as to the validity of either some or all claims in a Patent within one year of instituted IPR proceedings.
- Philip Morris USA, Inc. and Philip Morris Products SA were previously sued by HCMC for patent infringement in connection with their product known and marketed as IQOS.
- In its lawsuit, HCMC alleged that IQOS infringed on a patent.
- HCMC filed the lawsuit in the United States District Court for the Northern District of Georgia.
What HCMC is planning?
In light of Philip Morris’s IPR petitions, HCMC intends to oppose the initiation of the IPR process vigorously. HCMC is now fully prepared for a vigorous defense of the validity of the Patent if the IPR process is instituted.