No, Impossible Food is suing to cancel Impossible HQ's trademark, and not their own. They want to be the only company allowed to use the "Impossible" branding, even though they weren't the first.
I'm sure their goal is to steal the trademark for their own exclusive use if they can swing that. Nullifying it so it is a generic term available to all would be worse for them than simply buying it from the rightful owners as they'd have to completely rebrand.