On Thursday, December 9, 2021, glass and aluminum company Tecnoglass Inc. (NASDAQ: TGLS) stock plummeted over 40% in intraday trading after Hindenburg Research published a report claiming that the company has a history of management and financial reporting issues and has faked a significant portion of its revenue.
Following this news, Tecnoglass Inc. stock dropped over 40% in intraday trading on Thursday, December 9, 2021, causing significant harm to investors.
Tecnoglass Stock Plummets over 40% on Report of “Faked” Revenue
On December 9, 2021, Hindenburg Research released a report claiming that Columbia-based glass and aluminum company Tecnoglass has faked a “significant portion of its revenue,” and has “consistently had a difficult time collecting revenue.” The report identified:
“serious red flags regarding management and numerous undisclosed related party transactions that call the company’s reported financial results into question.”
Tecnoglass went public in December 2013 via a SPAC merger, immediately cycling through 3 auditors within a one-year period who identified “material weaknesses related to identification and reconciliation of related party transaction,” according to the Hindenburg report. Since then, the report notes that Tecnoglass has allegedly engaged in a number of suspicious sales and acquisitions with “undisclosed related-party customers” owned by family members of Tecnoglass’ CEO and COO.
Following this news, Tecnoglass’ stock dropped more than 40% in intraday trading on Thursday, December 9, 2021, causing significant harm to investors.
Our Securities Lawyers Have a Winning Record Against Companies Like Tecnoglass
Our securities lawyers have recovered over a billion dollars on behalf of our clients against behemoths, such as Chase Bank, Mastercard, and Anthem Blue Cross Blue Shield. Read more about our results.
You “shouldn’t presume that powerful banks and other powerful interests can just get away with doing bad things. Good, qualified counsel that are committed to a cause can usually figure out how to prosecute such cases effectively and prevail.”
–Eric Gibbs, award-winning securities attorney
Praise from the Courts
Federal judge in our AT&T class action:
“I’ve always found them to be extraordinary counsel in terms of their preparation and their professionalism.”
Federal judge in our Chase lawsuit (resulting in $100 million settlement):
They “fought tooth and nail, down to the wire” to achieve “the best settlement that they could under the circumstances.”
Read more about what judges say about us.
Gibbs Law Group’s financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. Our attorneys have successfully litigated against some of the largest companies in the United States, and we have recovered more than a billion dollars on our clients’ behalf.
Gibbs Law Group's Financial Fraud Experience
We have fought some of the most complex cases brought under federal and state laws nationwide, and our attorneys have been recognized with numerous awards and honors for their accomplishments, including Top 100 Super Lawyers in Northern California, Top Plaintiff Lawyers in California, The Best Lawyers in America, and rated AV Preeminent (among the highest class of attorneys for professional ethics and legal skills).