MOBILE, Ala. — Executives with military shipbuilder Austal said settling an accounting fraud investigation, which included an agreement to pay a $24 million penalty, is the best outcome for the company and that new controls are in place.
Restitution will also be paid to Austal shareholders. However, the restitution will be paid from the penalty, so the company will pay a total of $24 million. The Justice Department said that from 2013 through July 2016, Austal USA misled shareholders and investors about the company’s financial condition. The Justice Department said Austal USA artificially lowered cost estimates, despite rising shipbuilding costs, to meet its revenue budget and projections. That had the impact of falsely overstating Austal USA’s profitability on the ships and Austal Limited’s earnings reported in its public financial statements.
The Lord of the Rings: The Rings of Power Season 5 on Prime Video returns with stars Morfydd Clark, Charlie Vickers, Markella Kavenagh, Lloyd Owen, Charles Edwards and Cynthia Addai-Robinson.In resurfaced audio from 2021, JD Vance said he was "disturbed" that people without kids were involved in setting school curricula.We recently published a list of 10 Best Dividend Paying Stocks To Buy According to Quant Hedge Fund AQR.
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »