Adrian Johnson
TLDR:
Austal USA, a U.S. Navy shipbuilder, agreed to pay $24 million to settle an accounting fraud probe. The company admitted to misleading shareholders and investors about its financial condition from 2013 to July 2016, inflating profits on ships built for the U.S. Navy.
Key Elements:
- Austal USA agrees to pay $24 million to settle accounting fraud probe.
- The company admitted to misleading shareholders and investors about its financial condition from 2013 to July 2016.
- Austal USA engaged in a years-long scheme to inflate profits on ships built for the U.S. Navy.
Austal USA, an Alabama-based shipbuilder that makes vessels for the U.S. Navy, has admitted wrongdoing and agreed to pay a $24 million fine to settle an accounting fraud investigation, the U.S. Department of Justice announced. The company pleaded guilty to securities fraud and obstruction of a federal audit for misleading investors about its financial condition.
