The expedition team announced that the wreckage of the Lexington, crippled by the enemy and then scuttled on May 8, 1942, in the Battle of the Coral Sea, was found Sunday on the seabed in waters 3,000 meters (about 2 miles) deep, more than 800 kilometers (500 miles) off Australia's east coast.
"To pay tribute to the USS Lexington and the brave men that served on her is an honor," Allen said on his website.
The battle helped stop a Japanese advance that could have cut off Australia and New Guinea from Allied sea supply routes and crippled two Japanese carriers, leading to a more conclusive U.S. victory at sea a month later at the Battle of Midway.
The sea battle is also famous for being the first in which the opposing ships did not come in sight of each other, carrying out their attacks with carrier-launched aircraft.
The ship that found the Lexington, the Research Vessel Petral, has equipment capable of diving to 6,000 meters. It was deployed in early 2017 in the Philippine Sea before moving to the Coral Sea off the Australian Coast.
The Lexington, which had been affectionately dubbed "Lady Lex," was badly damaged by bombs and torpedoes, but the order to abandon ship was given only after a secondary explosion set off an uncontrollable fire.
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