Tecnoglass Sues Short Seller Culper Research Over Allegations Of Drug Cartel Ties: Report

Tecnoglass Inc. (TGLS) reportedly sued short seller Culper Research on Tuesday for defamation, following a report from Culper that stated the company had ties to the founders of the Sinaloa drug cartel.

According to a Bloomberg report, Tecnoglass filed a lawsuit in the New York federal court, stating that the short seller's report was based on fabricated documents sourced from a “hacktivist group.”

Tecnoglass shares were down nearly 2% in Tuesday’s midday trade. Retail sentiment on Stocktwits around the company trended in the ‘bearish’ territory.

In its lawsuit, Tecnoglass accused Culper and its founder, Christian Lamarco, of trying to destroy the company’s market value. The company stated that it provided Culper with a Mexican court decision showing that the memos linking it to the drug cartel were not authentic.

“Tecnoglass, José Daes, and Christian Daes are not, and never have been, connected to or involved in any way with, the Sinaloa cartel or its operations,” the company clarified in the lawsuit, according to the report.

In August, Culper said it was shorting Tecnoglass stock, as it had uncovered new evidence that revealed the company’s co-founders, José and Christian Daes, were “named explicitly as two of the eight businessmen who allegedly participated in this scheme.” The scheme referred to by Culper here is the alleged illicit financing of Colombia's presidential campaign, according to the short seller’s report.

The report also stated that the Daes brothers maintained ties with Colombia’s powerful Char family and its Banco Serfinanza, which the intelligence memos describe as a laundering conduit for cartel proceeds.

TGLS stock is down 11% year-to-date, but up 18% over the past 12 months.

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