The SEC charged three executives of Austal USA for orchestrating a fraudulent revenue recognition scheme that allowed its parent company to meet or exceed analyst expectations, according to a statement.
- SEC alleged the executives engaged in a scheme to artificially reduce the cost estimates to complete certain shipbuilding projects for the US Navy “by tens of millions of dollars”
- Alleged Austal Limited, Austal USA’s parent company, prematurely recognized revenue and, as a result, met or exceeded analyst consensus estimates for EBIT
- Former president Craig D. Perciavalle, current director of financial analysis Joseph A. Runkel, and former director of the Littoral ...