Hyperdrive
Senior Apple Car Executive Is Sued by SEC Over SPAC Dealings
- Ulrich Kranz sued in federal court for his conduct at past job
- Regulator’s suit alleges that projections were unreasonable
Ulrich Kranz in 2019.
Photographer: Damian Dovarganes/AP Photo
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A senior Apple Inc. executive working on the technology giant’s electric-car efforts was sued by the Securities and Exchange Commission for allegedly breaking securities rules at his former company, the electric-vehicle startup Canoo.
Ulrich Kranz, the former chief executive officer of Canoo, and former Canoo Chief Financial Officer Paul Balciunas were sued in federal court in Los Angeles for allegedly providing unreasonable revenue projections. Kranz also was accused of misstating how much he was paid.