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Sherwood Dealt Setback In Appeal Of Securities Case

Law360 (January 2, 2008, 12:00 AM EST) -- Confectionary maker Sherwood Brands Inc. has lost an appeal of its securities suit against a candy cane manufacturer over a merger and acquisition deal that turned sour.

The U.S. Court of Appeals for the Fourth Circuit affirmed last month a lower court’s decision that Asher Candy Inc.’s board member and majority shareholder were not liable for securities violations and fraud, and agreed that Sherwood should be on the hook for breaching its contract with the shareholder.

Sherwood filed suit against Leonard Levie, Asher’s board chairman who...
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