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Austal Usa

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Hanwha Pursues $1.2B Acquisition of Austal USA to Expand U.S. Shipbuilding Footprint
business18 days ago

Hanwha Pursues $1.2B Acquisition of Austal USA to Expand U.S. Shipbuilding Footprint

Hanwha Defense USA has made a preliminary, non-binding offer to acquire Austal USA for about $1.05–$1.2 billion in a cash-and-debt-free deal, contingent on thorough due diligence; Austal’s board says the proposal merits further evaluation and would not affect Austal’s Australasian operations or publicly traded shares. The move follows Hanwha’s earlier takeover bid and its June 2024 Philly Shipyard purchase, signaling a broader push into U.S. shipbuilding.

via Breaking Defense|
#acquisition#austal-usa#business
"Austal USA President Resigns, Interim Leader Appointed"
business3 years ago

"Austal USA President Resigns, Interim Leader Appointed"

Rusty Murdaugh has resigned as the president of shipbuilder Austal USA, with Michelle Kruger named as the acting president until a permanent replacement is found. Murdaugh, who took over as acting president in February 2021 and was named permanent leader in September 2021, led the company through a period of significant growth. Austal USA is a key shipbuilder for the US Navy and has recently invested in new steel ship construction facilities. The company's Australian parent company will begin the search for Murdaugh's replacement.

via Breaking Defense|
#austal-usa#business#leadership
US Navy Shipbuilder Faces Charges for Massive Accounting Fraud
business3 years ago

US Navy Shipbuilder Faces Charges for Massive Accounting Fraud

Three executives of Austal USA, a prominent shipbuilder for the U.S. Navy, have been indicted for orchestrating a multi-year accounting fraud scheme. The defendants are accused of manipulating an accounting metric to inflate Austal Limited's reported earnings in its public financial statements. The scheme involved using fraudulent devices to conceal growing expenses that should have been included in Austal USA's financial statements. The defendants face multiple charges and could each face up to 30 years in prison if convicted.

via gCaptain|
#accounting-fraud#austal-usa#business
US Navy shipbuilding contractor Austal hit with accounting fraud charges.
legaldefense3 years ago

US Navy shipbuilding contractor Austal hit with accounting fraud charges.

Three executives at Austal USA, a Navy shipbuilding contractor, have been indicted for allegedly orchestrating a multimillion-dollar accounting fraud scheme from around 2013 through at least July 2016. The trio allegedly sought to artificially reduce cost estimates for Navy shipbuilding projects by tens of millions of dollars, resulting in a false overstatement of the company’s reported earnings in public financial statements. The DOJ claimed that they did this in part to maintain and increase the share price of the company’s stock, and when the higher costs were eventually disclosed, the stock price fell significantly and Austal USA’s parent company, Austal Limited, wrote down more than $100 million.

via Fox Business|
#accounting-fraud#austal-usa#doj
Former Austal president indicted in accounting fraud scheme.
legal3 years ago

Former Austal president indicted in accounting fraud scheme.

Three executives of Austal USA, including its former president, have been indicted by a federal grand jury for their alleged involvement in an accounting fraud scheme that misled investors about the company's financial condition for three years. The executives are accused of conspiring to mislead shareholders and investors about Austal USA's finances by artificially reducing and suppressing an account metric known as "estimate at completion" in relation to multiple Littoral Combat Ships that Austal was building for the U.S. Navy. If convicted, the executives face up to 30 years in federal prison for the conspiracy count and each count of wire fraud affecting a financial institution, and 20 years in prison for each count of wire fraud.

via AL.com|
#accounting-fraud#austal-usa#grand-jury
Austal USA executives indicted for accounting fraud scheme.
legal3 years ago

Austal USA executives indicted for accounting fraud scheme.

The former president of Austal USA, Craig Perciavalle, and two other former executives have been indicted for allegedly orchestrating an accounting fraud scheme at the Mobile shipyard between 2013 and 2016. The scheme involved the Littoral Combat Ship program and prosecutors say the three men falsely overstated Austal's reported earnings in its public financial statements, hiding growing costs that should have been incorporated into Austal's financial statements. All three men face up to 30 years in prison if convicted.

via WKRG News 5|
#accounting-fraud#austal-usa#doj
Austal USA Executives Indicted for Accounting Fraud
business3 years ago

Austal USA Executives Indicted for Accounting Fraud

Three former and current executives of Austal USA, including the former president, have been indicted on charges of fraud and conspiracy for allegedly manipulating the company's financial statements to make its signature littoral combat ship program appear more profitable. The Securities and Exchange Commission has also filed a lawsuit against the three, accusing them of overstating revenues and earnings to earn tens of thousands of dollars in bonuses. The charges carry a maximum penalty of 30 years in prison, and the defendants are expected to plead not guilty.

via Fox 10 News|
#austal-usa#business#financial-misconduct