Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
On Thursday, December 9, 2021, glass and aluminum company Tecnoglass Inc. 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.
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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.
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