Altria Group Inc (NYSE: MO) and Philip Morris International Inc (NYSE: PM) are trading lower Thursday after the US International Trade Commission ruled the companies must halt sales and imports of the IQOS heated tobacco device due to patent infringement against Reynolds American.
The US International Trade Commission’s ruling found that the IQOS device infringed on two of Reynolds American’s patents.
The ruling is set for an administrative review that requires the signature of President Joe Biden. The import and sales ban will take effect two months after the conclusion of the review.
Philip Morris said it plans to appeal the US International Trade Commission’s decision.
MO, PM Price Action: Altria has traded as high as $52.59 and as low as $35.83 over a 52-week period. Philip Morris has traded as high as $106.51 and as low as $68.93 over a 52-week period.
Altria was down 5.72% at $45.95 and Philip Morris was down 3.76% at $95.75 at time of publication.
Photo: Vaping360 from Flickr.
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