An Alabama-based shipbuilder that makes vessels for the U.S. Navy has admitted wrongdoing and agreed to pay a fine 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.
From 2013 through July 2016, Austal USA conspired to mislead shareholders and investors about the company's financial condition, the department said. The company pleaded guilty to one count of securities fraud and one count of obstruction of a federal audit. Austal USA LLC is a subsidiary of Australia-based Austal Limited and builds littoral combat ships for the Navy that are designed to operate in shallow coastal waters.
Court documents show the company agreed to settle complaints by the Securities and Exchange Commission and the Justice Department. A sentencing hearing is scheduled for Nov. 25.
Accounting Fraud Navy Settlement Justice Department Shipbuilder Securities Fraud Financial Statements
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Navy expands Austal USA contract with two additional LCUs valued at $55MAustal USA has been awarded a contract for two additional LCU (Land Craft Utility) craft for $54,997,317.00.The LCU’s will be built on Austal’s newly opened ste
Read more »
US Navy shipbuilder Austal USA agrees to pay $24 million to settle accounting fraud probeMOBILE, Ala. (AP) — Austal USA, an Alabama-based shipbuilder that makes vessels for the U.S. Navy, has admitted wrongdoing and agreed to pay a $24 million
Read more »
USS Pierre: Austal launches US Navy’s newest independence-variant combat shipAustal USA launched the final Independence-variant Littoral Combat Ship, USS Pierre (LCS 38), to enhance the US Navy's maritime capabilities.
Read more »
Austal USA hosting christening ceremony Saturday for the future USNS Point LomaThe future USNS Point Loma is also known as the EPF 15.
Read more »
US Navy shipbuilder agrees to pay $24 million to settle accounting fraud probeAustal 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…
Read more »
US Navy shipbuilder agrees to pay $24 million to settle accounting fraud probeAustal 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…
Read more »