Short seller Culper Research’s note follows earlier criticism from Hindenburg Research in 2021, which flagged alleged cartel ties and disclosure failures.
Short seller Culper Research disclosed a short position in Tecnoglass (TGLS) on Monday, alleging that senior executives and board members of the Colombia-based glass manufacturer have been implicated in intelligence reports linking them to the Sinaloa cartel and associated money laundering networks.
Tecnoglass’ stock plummeted nearly 8% in pre-market trade on Thursday. However, retail sentiment on Stocktwits around the company improved to ‘bullish’ from ‘neutral’ over the past day amid ‘high’ levels of chatter.
Culper’s note follows earlier criticism from Hindenburg Research in 2021, which flagged alleged cartel ties and disclosure failures. Tecnoglass cleared itself after a 90-day internal review, but Culper argues that the board committee behind that process was compromised, given the directors’ overlapping ties.
The report highlighted that Tecnoglass derives 95% of its revenue from the U.S., with Florida accounting for roughly 85%. However, like Hindenburg, Culper claims recently leaked Mexican intelligence documents, dating back to 2022–23, explicitly name CEO José Daes and COO Christian Daes as participants in cartel-funded political schemes in Colombia.
The report further alleged that Tecnoglass directors have maintained ties with Colombia’s powerful Char family and its Banco Serfinanza, which the intelligence memos describe as a laundering conduit for cartel proceeds. Lead Independent Director Julio Torres, Independent Director Carlos Alfredo Cure, and Independent Director Luis Fernando Castro are each cited as having prior affiliations with Char-linked entities.
The report also highlighted heavy insider selling. Culpher cited that in the past nine months, CEO and COO Daes have sold more than $345 million in stock, which is their largest selloff on record. It added that non-Executive Chairman A. Lorne Weil also exited his stake in late 2024 before resigning abruptly.
Culper warns that fallout could be “massive,” citing ongoing investigations in Colombia, cooperation from former Char allies with prosecutors, and recent charges against Daes associates. “Investors must ask why insiders are rushing for the exits,” the firm wrote.
Tecnoglass’ stock has fallen more than 11% this year but gained 17% over the past 12 months.
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