SEC Charges Austal USA Executives With Accounting Fraud
31 März 2023 - 10:55PM
Dow Jones News
By Mark Maurer
The Securities and Exchange Commission on Friday said it charged
three executives at shipbuilder Austal USA LLC with running a
fraudulent revenue recognition scheme that allowed its parent
company to meet or surpass analysts' expectations.
The executives at the Mobile, Ala.-based company worked to
artificially lower cost estimates by tens of millions of dollars to
finish certain shipbuilding projects for the U.S. Navy between 2013
and 2016, the securities regulator said.
The executives, Craig Perciavalle, Joseph Runkel and William
Adams, were aware that the company's shipbuilding costs were rising
higher than planned, the SEC said.
The executives face undisclosed fines and officer and director
bars.
Austal USA is a unit of Austal Ltd.
Write to Mark Maurer at mark.maurer@wsj.com
(END) Dow Jones Newswires
March 31, 2023 16:40 ET (20:40 GMT)
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