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Austal

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business2 years ago•1 min saved

Austal USA Executives Indicted for Accounting Fraud

Australian shipbuilder Austal's stock sank by 8.4% after the US Department of Justice indicted three of its former US employees for manipulating financial information. The US Securities and Exchange Commission has also filed civil charges against the individuals. The charges relate to the manipulation of an accounting metric, estimate at completion, in relation to multiple littoral combat ships that Austal was building for the US Navy. Austal has settled an investigation by Australia's securities regulator and conducted its own investigation into the matter, which resulted in the resignation of the president of Austal USA.

via gCaptain|

#austal #business #department-of-justice

legal2 years ago•1 min saved

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.

via Defense News|

#accounting-fraud #austal #executives