Shares of Technoglass Inc. (TGLS) just fell off a cliff.

At the moment, the architectural glass and aluminum products company is watching its stock plummet more than $15 a share, or 44% on a short report.

All on a Hindenburg report that identified a few red flags regarding management and its financial reports, including some undisclosed party transactions.  The short seller report also alleges cartel connections between the company’s co-founders, which act as CEO and COO.

“Our months-long investigation has included review of US and Colombian court records, securities filings, corporate registrations, property records, export records and media reports going back decades,” Hindenburg wrote. “We have identified serious red flags regarding management and numerous undisclosed related party transactions that call the company’s reported financial results into question.”

If you want to read more about the accusations, the full report can be found here.

The news comes just a day after TGLS raised its dividend 136% to $0.065 from $0.0275.  At the moment, it’s payable on January 31, 2022 to shareholders of record at the close of business on December 31, 2021.

Santiago Giraldo, Chief Financial Officer of Tecnoglass, commented, “The Board’s confidence in Tecnoglass’ growth strategy and significant free cash flow generation supports this substantial increase in our quarterly dividend. Our current growth capex phase is largely completed and our record backlog provides us with ample visibility into the future while strong market conditions have continued into the end of the year. We remain committed to a balanced approach to capital allocation, which includes investments in our operations to drive future growth and returning cash to shareholders.”

Stay tuned for more on this developing story.