that has failed to live up to its promise, and it’s the company’s promised revenue figures that have landed it, and its former execs, in trouble with the Securities and Exchange Commission.
The firm itself has already agreed to settle a court case with the SEC for $1.5 million, and now two former senior board members have had their wrists slapped over their role in what the Commission described as the “unreasonable revenue projections” it dished out to investors. Multiple outlets reported late last week that the SEC had filed a suit against Canoo’s former CEO Ulrich Kranz and ex-CFO Paul Balciunas. The suit alleges that both men told investors thatwould generate $120 million in 2021 and $250 m in 2022, numbers that the SEC says were entirely unrealistic, a fact both men knew. Canoo’s stock fell by over 20 percent in spring of 2021 when it announced that it wasn’t after all going to hit those revenue targets. From a high of $20.
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