US Navy shipbuilder Austal USA agrees to pay $24 million to settle accounting fraud probe

A shipbuilder for the U.S. Navy has agreed to admit wrongdoing and pay $24 million to settle an accounting fraud investigation. The U.S. Department of Justice says that from 2013 through July 2016, Austal USA conspired to mislead shareholders and investors about its financial condition. The company pleaded guilty to one count of securities fraud and one count of obstruction of a federal audit. The Justice Department announced the plea agreement Tuesday. Three former Austal USA executives were indicted last year on accounting fraud charges. They are awaiting trial.