Austal USA, a shipbuilder based in Mobile, Alabama, has agreed to pay a $24 million fine to settle accounting fraud charges. The company, a subsidiary of Australian defense contractor Austal Limited, admitted to inflating profits and misleading investors and auditors over several years. This settlement resolves both criminal and civil investigations by the U.S. Department of Justice (DoJ) and the Securities and Exchange Commission (SEC). Austal USA has also pledged to support an SEC plan to distribute the penalty to shareholders who can demonstrate financial losses due to the fraudulent activities. The charges stem from an indictment of three company officials last year, highlighting a scheme to overstate revenues and earnings from shipbuilding contracts with the U.S. Navy. Austal USA has pled guilty to these charges, and its Australia-based parent company, Austal Limited, is also involved in the settlement.