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Arthur Andersen Company News

04 Feb 2003

U.S. Sues Shipbuilder For Alleged Overcharges

The United States has filed suit against Newport News Shipbuilding Inc. alleging that the company knowingly mischarged the U.S. Navy on costs it incurred for work under commercial contracts from 1994 to 1999, the Justice Department announced today. The lawsuit alleges that the Newport News, Virginia-based company charged the Navy for independent research and development (IR&D) costs for double-hulled tankers that Newport News was building for commercial customers under existing contracts. Since November 2001, Newport News Shipbuilding has been a wholly-owned subsidiary of Northrop Grumman Corporation. The shipbuilding company is alleged to have charged the Navy for more than $72 million of costs related to the design and development of the commercial tankers…

12 May 2003

American Superconductor Appoints Bisson as CFO

American Superconductor Corporation has appointed Kevin Bisson as senior vice president and chief financial officer. Bisson, has two decades of experience in corporate finance and strategic financial planning and analysis. Most recently he was vice president, controller and treasurer for Axcelis Technologies, Inc. a semiconductor capital equipment manufacturer with $310 million in revenues and overseas joint ventures. During his three-year tenure at Axcelis, Bisson oversaw a 60-person finance department, served as acting CFO for the company's initial public offering and restructured its financial management and reporting systems. multi-national conglomerate. operations. Andersen & Company's Boston office. College and is a certified public accountant.