Austal Limited (AU:ASB) has released an update.
Austal Limited has reached a conclusive settlement with the US Department of Justice and the US Securities Exchange Commission over investigations into past financial misstatements by former Austal USA employees. The resolution includes a US$24 million penalty, a plea agreement on criminal charges, and compliance obligations, while not affecting the company’s current operations or FY2024 EBIT margin guidance. Austal is also negotiating an Administrative Agreement with the US Navy to maintain its status as a responsible contractor.
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