Austal Executives Indicted for U.S. Navy LCS Fraud.

Three executives of Austal USA, a shipbuilder that constructs vessels for the U.S. Navy and Coast Guard, have been indicted on accounting fraud charges. They are accused of falsely inflating the company's reported earnings, misleading shareholders and investors, and manipulating an accounting metric to hide growing costs. The executives are each charged with one count of conspiracy to commit wire fraud and wire fraud affecting a financial institution, five counts of wire fraud, and two counts of wire fraud affecting a financial institution.