SAN FRANCISCO, Jan. 06, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges Tecnoglass Inc. (NASDAQ: TGLS) investors with significant losses to submit your losses now. The firm is investigating possible securities law violations.
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Tecnoglass Inc. (TGLS) Investigation:
The investigation focuses on Tecnoglass’ and senior management’s repeated claims that the company’s track record of successfully delivering high profile projects resulted in an increasing number of opportunities across the U.S., as evidenced by an expanding backlog and overall revenue growth.
These claims of legitimate growth came into question on Dec. 9, 2021, when analyst Hindenburg Research published a scathing report entitled “Tecnoglass: Cocaine Cartel Connections, Undisclosed Family Deals, And Accounting Irregularities All In One Nasdaq SPAC.”
Hindenburg identified several managerial issues it considered to be red flags, including its findings that the company’s founders (CEO Jose Daes and COO Christian Daes) were part of a group charged by the DOJ with trafficking more than 200 tons of cocaine into the U.S., smuggling weapons back to Columbia, and laundering money for the Cali Cartel. Hindenburg also identified several undisclosed related party transactions between Tecnoglass and Daes family members that accounted for a significant portion of the company’s reported sales. In addition, Hindenburg observed that Tecnoglass’ “high, persistent, uncollectible receivables balances” could be a sign of fake revenue, especially considering the other red flags.
This news drove the price of Tecnoglass shares sharply lower on Dec. 9, 2021.
“We’re focused on investors’ losses and whether Tecnoglass and its management may have misled investors about the company’s true financial condition and other matters,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Tecnoglass and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Tecnoglass should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email TGLS@hbsslaw.com.
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Contact:
Reed Kathrein, 844-916-0895
