Skip to Primary Navigation

Skip to main content

Austal USA hit with $24m penalty for fraudulently overstating profits

A littoral combat ship.
A Littoral Combat Ship in the Gulf of Mexico. Photo: Stocktrek/Getty Images

Alexander Barzacanos

1 min read
 Click to share on Facebook (Opens in new window/tab) Click to share on Twitter (Opens in new window/tab) Click to share on LinkedIn (Opens in new window/tab) Click to share on WhatsApp (Opens in new window/tab)

The company is accused of falsifying its profits and boosting its stock price by obscuring shipbuilding costs.

Austal USA, an Alabama-based subsidiary of Australian shipbuilding company Austal Limited, pleaded guilty to criminal criminal securities fraud and obstruction of a federal audit for its role in artificially inflating its stock price between 2013 and 2016. Austal Limited was also charged for its role in the fraud.

The company agreed to

, , , , , , , , ,

Get full access, free for a month

This is a Premium article. Start your 28-day free trial to continue reading and access all content on GRIP – no payment details required.

Start free trial Sign in

What’s included:

  • Every new article, plus our 5,000+ archive
  • Daily regulatory insight and guidance
  • Exclusive interviews and in-depth analysis
  • Coverage of industry-leading events and conferences
  • All podcasts and videos, featuring industry experts
  • The full set of Rules Navigator tools
  • An ad-free experience