10:00 AM EDT, 08/21/2025 (MT Newswires) -- Tecnoglass ( TGLS ) shares fell nearly 3% in recent Thursday trading after Culper Research published a report alleging that the company's senior executives are involved in money laundering activities with Colombia's Sinaloa cartel.

Leaked documents from Mexican intelligence reports showed Tecnoglass ( TGLS ) CEO Jose Daes and COO Christian Daes were explicitly named as two of the eight businessmen who allegedly participated in illicit financing schemes involving the cartel, Culper Research said in a report published Thursday.

The report claimed that while 24% of Tecnoglass' ( TGLS ) year-end backlog in 2022 was located outside of Florida, the company reported revenues outside the state of just 10% and 11% in 2023 and 2024, respectively. "The massive gap suggests either the company's backlog is overstated, or not as firm as portrayed," the report said.

The report also noted that while the Daes family has historically held majority control of the company, they have sold $345 million in shares in the past 9 months.

Tecnoglass ( TGLS ) did not immediately respond to an MT Newswires request for comment.

Price: 68.04, Change: -1.96, Percent Change: -2.80