Reported about 1 month ago
Austal USA, a shipbuilder for the US Navy, has agreed to pay $24 million and plead guilty to federal charges tied to a longstanding fraud scheme where it inflated profits and misled investors about project costs. The scheme led to significant financial distortions and a $100 million write-down when actual costs were revealed. Despite the guilty plea, the Navy stated it was not 'directly harmed' and Austal USA may still pose as a responsible contractor.
Source: YAHOO