Over the course of the past months, there had been a certain degree of excitement about the patent infringement lawsuit that had been filed by Healthier Choices Management Corp (OTCMKTS:HCMC) against tobacco giant Phillip Morris USA Inc.
However, the Healthier Choices suffered a major setback yesterday after the motion to dismiss the lawsuit by Phillip Morris USA and Phillip Morris Products SA was granted by the District Court for the Northern District of Georgia. The possibility of a large settlement had caused a lot of buzz around the Healthier Choices stock and driven a certain degree of speculation as well. The decision from the court yesterday came as a significant blow to the company’s stock and it tanked by as much as 17%.
It is now going to be interesting to see if the stock can make a quick recovery or not. In this regard, it might be a good idea for investors to keep in mind that all is not lost for Healthier Choices. The court has actually given the company a period of 14 days within which it can submit an amended complaint against Phillip Morris USA.
The company notified that it is going to take up the option and submit such a complaint before the deadline. Last week the company had been in the news after it announced that it was awarded a United States patent for the Electronic Vaporizer Cartridge with Encased Heat Source. The encasing of the cartridge with non-reactive materials is meant for promoting safe vaping.