It is as BS as they come.
A) anyone with a bit of common sense would know that copyright might be at play when you name your company like this. The fact they’ve been around for as long as they have, means IG didn’t care.
B) if I have a business and I need to make a choice between shutting it down and renaming it - the choice is quite clear. If it was all about the name, the solution is easy.
C) of course they are not going to tell the real story publicly. This sounds believable enough for the average user, plus they can blame IG for the whole thing.