Fincantieri Bay Shipbuilding has suspended Vice President/General Manager Craig Perciavalle after he was charged with fraud related to his time at another shipbuilder.
None of the charges involved Fincantieri Marine Group or any of its business units.
The U.S. Department of Justice charges and Securities Exchange Commission complaint are based on alleged wrongdoing by three Austal USA employees from 2013 to 2016. Perciavalle was CEO of Austal and according to the complaint, “conspired to mislead Austal Limited’s shareholders and the investing public about Austal USA’s financial condition,” to artificially boost the stock price.
Austal built the Independence Class Littoral Combat Ship for the U.S. Navy.
Perciavalle became the vice president/general manager of Fincantieri Bay Shipbuilding in November 2021 after resigning from Austal. According to his biography listed online, he was employed at Austal from 2007 to 2021.
According to Forbes, “the SEC Complaint seeks to ‘permanently’ enjoin Perciavalle ‘from engaging in transactions, acts, practices and courses of business’ described in the case, effectively throwing him out of the shipbuilding business entirely.
