Shares Of XPEL Technologies Plunge After 3M Initiates Patent Infringement Lawsuit

Shares of XPEL TECHNOLOGIES COM (OTC: XPLT) plunged more than 29 percent Wednesday morning after 3M Co (NYSE: MMM) initiated a patent infringement lawsuit.

3M alleges that XPEL Technologies' XPF paint protection film product infringes its US Patent No. 8,765,263.

3M noted that it is "committed to protecting its investments and intellectual property in paint protection film products and vigorously defends its intellectual property rights."

Shares of 3M were trading higher by 0.15 percent at $153.12.