By Sam Boughedda
Investing.com — Tecnoglass Inc (NASDAQ:TGLS), the target of a Hindenberg Research short report last week, has seen its shares begin to reclaim recent losses, up over 3% so far in Friday's session.
Tecnoglass announced Friday that it has formed a special committee of independent directors to analyze the short-seller report, issued on Dec. 9. Tecnoglass shares closed down 36% that day.
The special committee has retained Covington & Burling LLP — the Washington, D.C. headquartered law firm — supported by a leading global accounting company to assist it.
"Tecnoglass disputes the allegations in the recent short seller report, and the Company is committed to doing business in the most ethical and transparent manner and complying with all applicable laws," Tecnoglass said in a statement.
The Colombia-based company reaffirmed its increased financial outlook for fiscal year 2021, saying it remains on pace to deliver another year of record cash flow and that revenue is expected to be in the range of $490 million to $495 million.