A shipbuilder for the U.S. Navy has agreed to admit wrongdoing and pay $24 million to settle an accounting fraud investigation
FILE - The Littoral Combat Ship Coronado sits alongside the Austal USA facilities on the Mobile River in Mobile, Ala., following christening ceremonies for the ship, Jan. 14, 2012. MOBILE, Ala. — 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 Tuesday.
Austal USA “engaged in a years-long scheme to illegally inflate its profits on ships the company was building for the U.S. Navy, reporting false financial results to investors, lenders, and its auditors,” Nicole M. Argentieri, principal deputy assistant attorney general and head of the Justice Department’s Criminal Division, said in a statement.
The Justice Department said Austal artificially lowered cost estimates, despite rising shipbuilding costs, to meet its revenue budget and projections. That had the impact of falsely overstating Austal USA’s profitability on the ships and Austal Limited’s earnings reported in its public financial statements.
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