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I do agree that GSW misunderstood the tools at their disposal to protect their trademark.
From what I understand both Vallejo and GSW were competing for registering the Colorshift trademark in Spain and GSW was granted the trademark. I know that overseas in USA the trademark is held by Taylor Brands. As Vallejo already came out with a statement of the product name change and the product shown probably was an old purchase before this retraction this probably should have been referenced with lawyers before even taking any action.
This just all seems to be a big misunderstanding and I like that GSW came out and apologized to Naomi (SnS). I think GSW and other smaller companies can learn that reacting without understanding can be extremely detrimental to everyone involved and should weigh their actions before moving forward.