Lawyer Alex Spiro files defamation lawsuit against short-seller Christian Lamarco.

Alex Spiro filed a defamation lawsuit on behalf of Tecnoglass Inc. and its co-founders and executives, José and Christian Daes, against short seller Christian Lamarco and his company Shadyside Partners, LLC. The lawsuit alleges that Lamarco and his company published false information linking Tecnoglass and its executives to the Sinaloa cartel, causing immediate damage to the company's stock price. This is not the first time Lamarco and Culper Research have faced defamation lawsuits.

NEW YORK - Tecnoglass Inc. (NYSE:TGLS), a $3.3 billion architectural glass manufacturer, has filed a federal defamation lawsuit against short seller Christian Lamarco and his firm, Shadyside Partners, LLC, operating as Culper Research. The lawsuit, filed in the U.S. District Court for the Southern District of New York, alleges that Culper Research deliberately published false claims linking Tecnoglass and its executives to the Sinaloa cartel.

The complaint, filed by attorney Alex Spiro on behalf of Tecnoglass and its co-founders José and Christian Daes, claims that Lamarco and Culper Research profited from short positions by disseminating fabricated allegations sourced from supposed "intelligence" documents that the Mexican government has publicly declared inauthentic. The report is said to have caused immediate damage to Tecnoglass’s share price and reputation.

Tecnoglass is seeking damages, attorneys’ fees, and an injunction requiring the removal and retraction of the allegedly defamatory statements. This is not the first time Lamarco and Culper Research have faced defamation suits. The company has previously reported strong financial results, including a 17% revenue growth over the past year and a gross margin of 45%. Despite these developments, the stock experienced a decline in pre-market trading following the short seller report.

In response to the allegations, Tecnoglass firmly rejected the claims as "false, misleading, and unsubstantiated." The company emphasized that these claims were previously investigated by a Special Committee with external advisors, who found no evidence of wrongdoing. Tecnoglass has also expanded its senior secured revolving credit facility, increasing its borrowing capacity to $500 million from the previous $150 million, with a reduction in borrowing costs by 25 basis points and an extended maturity date to the end of 2030 Tecnoglass files defamation lawsuit against short seller Culper Research^[1].

The lawsuit highlights Tecnoglass’s ongoing efforts to strengthen its financial position and address external challenges. As the case progresses, investors and financial professionals should closely monitor the developments for potential implications on Tecnoglass’s stock price and market perception.