2023-08-04 19:38:04
One of the leaders of the team that develops the infamous “Apple Car”, Ulrich Kranzis being sued by the US Securities and Exchange Commission (U.S. Securities and Exchange Commission or DRY).
In addition to him, his former co-worker, Paul Balciunaswho was CFO of the electric car company Canoois also accused of committing irregularities during the time they worked there.
According to court filings, the SEC alleges that Kranz and Balciunas provided exaggerated profit forecasts and that Kranz misreported how much he earned. The Commission wants both to be banned from holding management positions in public companies and to pay a fine.
Before working at Maçã, Kranz spent time at Faraday Future, another electric car company, and helped found Canoo. He has a long career in the automotive sector, with 30 years of work at BMW, where he led the development of the German brand’s first 100% electric car, the i3, as well as the i8 hybrid sports car.
Kranz came to Apple at a difficult time for the “Project Titan”, which faced several leadership changes. If the SEC succeeds in barring Kranz from working at a public company, it could further hamper Apple’s future self-driving car.
The lawsuit against Kranz and Balciunas is the result of an investigation opened by the SEC in 2021, which looked into how Canoo operated, its business model, earnings, client contracts and other issues, including the sudden departure of some directors from the company.
Until now, the Apple did not comment on the process and Kranz continues to work on the company’s autonomous vehicle project. A Apex.AIthe company where Balciunas currently works, also declined to comment on the lawsuit.
via Bloomberg
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