Apple exec sued
Ulrich Kranz, now a senior govt engaged on the Apple Automotive, and a former colleague have been sued by the Securities and Trade Fee (SEC) for incidents at their earlier automotive agency.
Kranz has an extended historical past within the automotive business, first with 30 years at BMW and now as a senior Apple govt reporting to Kevin Lynch. In between the 2 roles, he co-founded an electrical automobile startup named Canoo, which is the place the securities guidelines had been allegedly breached.
In response to Bloomberg, Canoo CEO Kranz and CFO Paul Balciunas are being sued for offering unreasonable income projections. Kranz can be accused of misrepresenting his revenue.
These monetary points seem to have been introduced to a particular objective acquisition firm (SPAC), which merged with Canoo in 2020. Canoo has beforehand agreed to pay an SEC positive of $1.5 million over the merger.
For this case, the SEC seeks fines to bar the 2 from serving as officers in public corporations. This is able to not be excellent news for Apple, as Kranz is at the moment a senior govt at Apple.
Challenge Titan has had an issue holding on to management in recent times. One govt even left the Apple Automotive mission after solely six months on the job.
Neither Apple nor Balciunas’s present employer Apex.AI has commented on the lawsuit.
