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Croc’s patent infringement case tossed

Published 08/14/2017, 02:41 PM
Updated 08/14/2017, 02:41 PM
© Reuters.  Croc’s patent infringement case tossed

© Reuters. Croc’s patent infringement case tossed

Investing.com - The U.S. Patent and Trademark Office has rejected Crocs Inc (NASDAQ:CROX) patent infringement case, saying that the shoemaker’s design isn’t original, and another company actually applied to patent a design similar to Crocs one year ahead of the company.

This is a major setback for the company. Crocs has spent years suing its rivals for design infringement while at the same time the company’s business has been taking a hit from the increased competition. Croc's most recently announced earnings showed its revenue declined over 3% year-over-year. The company will close 160 stores over the next two years.

Crocs said it will appeal this decision. Shares were up 1.7% in afternoon trade.

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