Image: Canoo
Ulrich Kranz, the Apple car executive who served as the former CEO of the EV startup Canoo, is facing some legal trouble. On Friday, the Securities and Exchange Commission filed a lawsuit against Kranz and former Canoo chief financial officer Paul Balciunas over claims they provided “unreasonable revenue projections” to investors, as first reported by Bloomberg.
As outlined in the lawsuit, the SEC states that Kranz and Balciunas told investors Canoo would make $120 million in 2021 and $250 million in 2022. However, the SEC alleges that the pair “should have known that these projections were unreasonable” because the projects it used to calculate these amounts “were unlikely to materialize.” The SEC also claims that Kranz failed to…