The Securities and Exchange Commission said they have filed charges against three Austal executives for a fraudulent revenue recognition scheme that allowed its parent company to meet or exceed analyst expectations.
) - The Securities and Exchange Commission and the Justice Department said they have filed charges against three Austal executives for a fraudulent revenue recognition scheme that allowed its parent company to meet or exceed analyst expectations.
The SEC alleges that Austal USA’s former President Craig Perciavalle, current Director of Financial Analysis, Joseph Runkel and former Director of the Littoral Combat Ships Program, William Adams were the ones involved in the scheme which took place between January 2013 through July 2016. The complaint states the three individuals would direct others to artificially cut cost estimates to complete certain shipbuilding projects for the Navy by tens of millions of dollars and to meet the companies revenue budget and projections.
The complaint also states that Austal Limited, the parent company of Austal USA, prematurely recognized revenue which resulted in them meeting or exceeding earnings estimates before interest and tax. The complaint, which was filed in the U.S. District Court for the Southern District of Alabama, alleges the three individuals violated the antifraud provisions of the Securities Exchange Act of 1934 and seeks disgorgement plus prejudgment interest, civil money penalties, and officer and director bars.
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