Austal USA Settles Accounting Fraud Case with $24 Million Penalty

The shipbuilder admits to misleading investors and obstructing audits, agrees to compliance measures and restitution.

Austal USA pleaded guilty to securities fraud and obstruction of a federal audit.
The company will pay a $24 million penalty, including restitution to shareholders.
From 2013 to 2016, Austal USA falsely inflated profits on Navy ship contracts.
Three former executives face charges related to the fraudulent scheme.
Austal USA will implement a compliance and ethics program monitored for three years.