12:43 PM EDT, 09/09/2025 (MT Newswires) -- Tecnoglass ( TGLS ) has filed a defamation lawsuit against Culper Research after a report by the short seller alleged that the company had links to the founders of Colombia's Sinaloa drug cartel, Bloomberg reported Tuesday, citing a suit filed in New York federal court.

Tecnoglass ( TGLS ) said the report was based on fabricated documents and accused Culper and its founder, Christian Lamarco, of trying to destroy the company's market value, according to the report.

The short-seller's Aug. 21 report said that leaked Mexican government intelligence reports showed Tecnoglass ( TGLS ) founders, Jose and Christian Daes were among a group of Columbian businessmen who laundered cartel funds.

"Tecnoglass ( TGLS ), Jose Daes, and Christian Daes are not, and never have been, connected to or involved in any way with, the Sinaloa cartel or its operations," Tecnoglass ( TGLS ) said in its lawsuit, according to Bloomberg.

Tecnoglass ( TGLS ) and Culper Research did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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