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NEW YORK - Tecnoglass Inc. (NYSE:TGLS), a $3.3 billion architectural glass manufacturer with impressive gross margins of 45% and strong revenue growth of 17% over the past year, and its co-founders José and Christian Daes filed a federal defamation lawsuit on Tuesday against short seller Christian Lamarco and his firm Shadyside Partners, LLC, which operates as Culper Research.
The lawsuit, filed in the U.S. District Court for the Southern District of New York, alleges that Culper Research deliberately published false claims connecting Tecnoglass and its executives to the Sinaloa cartel.
According to the complaint, Lamarco and Culper Research profited from short positions by disseminating fabricated allegations sourced from supposed "intelligence" documents that the Mexican government has publicly declared inauthentic.
The legal action claims the report caused immediate damage to Tecnoglass’s share price and reputation. The plaintiffs are seeking damages, attorneys’ fees, and an injunction requiring the removal and retraction of the allegedly defamatory statements.
The lawsuit also notes that this is not the first time Lamarco and Culper Research have faced similar defamation suits.
Attorney Alex Spiro, who filed the lawsuit on behalf of Tecnoglass and the Daes executives, is representing the plaintiffs in the case, which is identified as Tecnoglass Inc. v Lamarco, 25-cv-7450.
The information in this article is based on a press release statement regarding the lawsuit filing.
In other recent news, Tecnoglass Inc. reported strong financial results for the second quarter of 2025, surpassing both earnings and revenue forecasts. The company achieved an earnings per share of $1.03, exceeding the anticipated $0.97, and generated revenue of $255.5 million, which was above the expected $247.82 million. Additionally, Tecnoglass has significantly expanded its senior secured revolving credit facility, increasing its borrowing capacity to $500 million from the previous $150 million. This amendment also reduces borrowing costs by 25 basis points and extends the maturity date to the end of 2030.
In response to a short seller report, Tecnoglass firmly rejected the allegations as "false, misleading, and unsubstantiated." The company emphasized that these claims were previously investigated by a Special Committee with external advisors, who found no evidence of wrongdoing. Despite these developments, the stock experienced a decline in pre-market trading. These recent actions and financial results highlight Tecnoglass’s ongoing efforts to strengthen its financial position and address external challenges.
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