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Business/Financial

Austal To Pay $24 Million Fine To Settle U.S. Accounting Fraud Case

Wednesday, August 28th, 2024

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Austal To Pay $24 Million Fine To Settle U.S. Accounting Fraud Case

The USS Mobile (LCS-26) rolled out of its assembly bay and was launched in early 2020 at shipyard Austal USA in Mobile, Ala.. (Photo: Austal USA)

Austal Limited agreed to pay $24 million to settle an investigation by the Justice Department and Securities and Exchange Commission (SEC) into an accounting fraud scheme, the U.S. government said Tuesday. This is the result of the investigation that led to the Justice Department last year indicting three former Austal USA employees, including former president Craig Perciavalle, for a scheme that allegedly misled company shareholders connected to work on the Littoral Combat Ship (LCS) program (Defense Daily, March 31, 2023).…

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