Austal USA Settles Accounting Fraud Probe for $24 Million

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.

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.

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