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Tecnoglass (TGLS) Investigation of Undisclosed Related-Party Transactions Case
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- In December 2021, Hindenburg Research reported that investigation of Tecnoglass (TGLS) discovered suspicious transactions, and Company’s financial results could be distorted.
- On it, $TGLS fell 36%, losing $578M+ of shareholder value.
- Investors may have grounds to suspect that Tecnoglass engaged in unlawful accounting and reporting practices, which led to their losses.
On December 9, 2021, Hindenburg Research reported that investigation of Tecnoglass included review of US and Colombian records and documents going back decades, and identified management and numerous undisclosed related party transactions that call the company’s reported financial results into question.
On this news, $TGLS fell 36% and lost over $578 million of its market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect that Tecnoglass intentionally failed to disclose material financial information, which led to their losses.
The case is already under investigation by at least one of the reputable law firms.
Failure to Disclose,
Shock Event Date
09 December 2021