According to an exclusive report by Bloomberg, the Securities and Exchange Commission (SEC) has filed a lawsuit against a senior Apple executive for allegedly breaking securities rules at his former company.
The executive, Ulrich Kranz, was involved in violating securities rules during his tenure at the electric-vehicle startup, Canoo, alleges the lawsuit filed in a federal court in Los Angeles.
The lawsuit also accuses Paul Balciunas, former Chief Financial Officer, of providing unreasonable revenue projections and misstating compensation information. Both Kranz and Balciunas are no longer employed at Canoo.
The SEC is seeking to impose fines on both Kranz and Balciunas, in addition to barring them from serving as officers at public companies.
This legal action comes after Canoo agreed to pay $1.5 million as part of a settlement in an SEC investigation related to its merger with a special purpose acquisition company in 2020.
An SEC probe was launched into Canoo in early 2021, focusing on various aspects of the company’s operations, business model, revenue strategy, customer agreements, earnings, and the departure of certain officers.
In 2021, Apple hired Ulrich Kranz, who previously led BMW AG’s electric-car business, to take part in their own electric vehicle efforts. In his role at Apple, Kranz has been responsible for overseeing hardware design for the car and reports to project head Kevin Lynch.
The lawsuit is titled SEC v. Ulrich Kranz, Paul Balciunas, 23-cv-06332, and is being heard in the US District Court for the Central District of California.
Want to see more of our stories on Google?
P.S. Want to keep this site truly independent? Support us by buying us a beer, treating us to a coffee, or shopping through Amazon here. Links in this post are affiliate links, so we earn a tiny commission at no charge to you. Thanks for supporting independent Canadian media!
Apple Car, is something I don’t think we will ever see come to fruition. Especially to the public sector. I could see an Apple car for ride sharing or maybe for some companies. Plus I still remember Apple saying that there first car will arrive sometime around 2019, then in 2020, 2021, 2023, 2024, 2025, 2026, 2027, and now we are hearing it might come around 2028.
Apple saying it would come in 2019 ? Apple doesn’t even acknowledged it has a Car project lol. The first rumors always pointed to 2025-2030, nothing before (at least from serious analysts)
You just have to Google search for “Apple car release date”. Initially, “Project Titan” was rumored to involve an electric vehicle dubbed “Apple Car,” delivered by 2019 or 2020. Towards the end of 2015. But as time marched on, then Apple’s Car release date kept on slipping. So the LOL is for you, especially when this has been going on for many years now.
First, you said Apple said that which is clearly a lie. Second, you’re talking about baseless rumors based on nothing from tech enthusiasts. The first real information from supply analyst came in about 2018 for a 2026 release date. Then among Chi Kuo said 2026-2027 a few years back. Now we’re not even sure the project is still slated to become a real product.
I NEVER LIED. You are the one that lies. The first articles about Apple’s endeavors for their Apple car came out around 2015. Those articles even said the earliest that we would see an Apple car was around 2019. There is a complete online history of Apple’s vehicle endeavors. Look today all car manufacturers are feeling the recession. Even the largest car company in the world Toyota, is seeing massive sales declines. We can only speculate on the price of Apple’s vehicles, which will not be cheap, but the biggest hurdle for all new vehicles moving forward is still trying to get autonomous vehicles to drive fully on their own, without any outside interference from any driver behind the wheel. But then there is the major problem of trying to get the governing bodies to get on board with autonomous vehicles as well. Even to test autonomous vehicles on the roads, it is hard to get the locations, or cities to work with you, and your autonomous vehicles. Especially when you have to work within the limits of existing Taxi, or ride sharing companies, that are competing with your autonomous vehicles, like the company Waymo.
Litteraly your first sentence is pure lie lmao because Apple doesn’t even acknowledged they are working on a car.
> Plus I still remember Apple saying that there first car will arrive sometime around 2019
You might have heard other people saying that Apple car will arrive this year or that year. Apple never said that. Apple never even acknowledged that they are developing a car. What you heard was rumours spreading by others and you keep maliciously attributing them to Apple so they can look bad.
There is a full timeline of articles showing the beginning of Apple’s vehicle endeavors, you should do a Google, Yahoo, or any other search engine you like on the topic. You will see many of those initial Project Titan articles were saying the earliest that we could see a vehicle from Apple is 2019. Even this site said the earliest we could see a vehicle from Apple is 2020, 2021 timeframe. At the end of the day this is mid 2023, and all vehicle manufactures are feeling the recession, with the exception of a few vehicle manufactures, like Tesla. The real hurdle is level 5 autonomous vehicles. The testing needed in all senerios, and conditions is really hard to do, but companies like Tesla, have camera’s all over their vehicles, and they send their data off to Tesla server farms to get processed. Apple still only has a tiny few vehicles in test situations, which is another big problem for Apple, and many other companies trying to tackle the fully autonomous vehicle problem. Even Apple has changed their tune over the years, where Apple was talking about not selling their vehicles, but using them for ride sharing, and taxi services, and maybe delivery services as well. So not really selling their vehicles to the public. So far time has proven to not be on Apple’s side, especially when Apple was initially looking for some vehicle manufacturing companies to partner with.