BusinessPostCorner.com
No Result
View All Result
Thursday, July 17, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Shipbuilder Austal backs SEC giving penalty to shareholders

August 29, 2024
in Accounting
Reading Time: 3 mins read
A A
0
Shipbuilder Austal backs SEC giving penalty to shareholders
ShareShareShareShareShare
The US Navy USS Coronado.

Roslan Rahman/Photographer: Roslan Rahman/AFP/

Austal Ltd. said it supports a plan by the Securities and Exchange Commission to distribute a $24 million penalty it’s been hit with to shareholders “who could show they suffered” a loss as a result of an accounting scheme designed to inflate earnings from its shipbuilding for the U.S. Navy.

SEC investigations “focused on conduct that occurred over eight years ago, and with a large order book of work ahead of us, we need to concentrate on the future — not the past,” Austal non-executive director John Rothwell said in a statement Wednesday.

Three former executives of the Australian company’s U.S. subsidiary, Alabama-based Austal USA LLC, were charged with fraud in 2023 and are awaiting trial. 

Austal USA, which builds vessels for the U.S. Navy and Coast Guard, overstated the profitability of its operations to prop up the share price of its publicly traded Australian parent company, the U.S. Justice Department said in a statement Tuesday. 

According to the Securities and Exchange Commission, which filed a parallel lawsuit, Austal and its parent company artificially reduced the estimated costs of finishing projects for the Navy by tens of millions of dollars, despite knowing costs were increasing. When the higher costs were eventually disclosed, the company was forced to write down more than $100 million. 

The company said it’s also “in advanced discussions with the U.S. Navy” on an agreement setting out “the remedial measures taken by the company to date” and “ongoing commitments to compliance,” including an independent monitor.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Israeli air strike on Gaza aid convoy kills five Palestinians

Next Post

Mineral Resources’ boss opposes staff leaving office for coffee

Next Post
Mineral Resources’ boss opposes staff leaving office for coffee

Mineral Resources' boss opposes staff leaving office for coffee

AI training can’t be treated like a checklist, according to experts

AI training can’t be treated like a checklist, according to experts

July 16, 2025
Solana Price Prediction: Experts See SOL Hitting 0 Before August Amid Bullish Chart Patterns

Solana Price Prediction: Experts See SOL Hitting $300 Before August Amid Bullish Chart Patterns

July 13, 2025
Bitcoin Price Prediction: The Dollar’s Dip, BTC’s Rise – Is 0,000 Within Reach This Year?

Bitcoin Price Prediction: The Dollar’s Dip, BTC’s Rise – Is $300,000 Within Reach This Year?

July 12, 2025
EU ministers rip Trump’s 30% tariffs as ‘absolutely unacceptable’

EU ministers rip Trump’s 30% tariffs as ‘absolutely unacceptable’

July 14, 2025
Meta to spend hundreds of billions on AI data centres, says Mark Zuckerberg

Meta to spend hundreds of billions on AI data centres, says Mark Zuckerberg

July 15, 2025
EU delays retaliatory trade tariffs against US

EU delays retaliatory trade tariffs against US

July 13, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Former HSBC trader has fraud conviction overturned

Former HSBC trader has fraud conviction overturned

July 17, 2025
Stocks rise Thursday after strong corporate earnings reports

Stocks rise Thursday after strong corporate earnings reports

July 17, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!