A New Jersey appeals court has upheld a $40 million verdict in a libel lawsuit brought by a hedge fund and its principals over criticism of their company in a report for prospective investors.

BackTrack Reports, which was left on the hook for nearly $15 million in the case, appealed decisions by the trial judge in the libel case denying motions for judgment notwithstanding the verdict and claims of legal error during the trial. But the appeals court found no basis to grant the company’s motions.