Tecnoglass sues short seller Culper for defamation

Short seller Culper Research was sued for defamation over a report that alleged Tecnoglass (TGLS) had links to the founders of the Sinaloa drug cartel, which the company denies. In a suit filed in New York federal court, Tecnoglass said the report published on August 21 “sought to destroy that hard-earned market value to line Lamarco’s pockets at the expense of Plaintiffs and Tecnoglass’s employees and shareholders (including, among numerous others, Plaintiffs Jose and Christian Daes, who together hold a substantial portion of the company’s stock through their investment entity).” The company added in its complaint with the U.S. District Court for the Southern District of New York: “Tecnoglass, 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.” The company said it provided Culper Research is a serial defamation defendant and the alter ego of defendant Christian Lamarco with a Mexican court decision showing that the memos weren’t authentic.