FORT WALTON BEACH, Fla. — The New York Times purposely torpedoed the stock price of a Florida company that wants to sell the U.S. Border Patrol a high-tech border surveillance system featuring unmanned aerial drones, according to a company official.
On the day the New York Times published an article about Spectrum Sciences and Software of Fort Walton Beach, a Florida panhandle city, the bulletin board company's stock price sat around $4, up sharply from $1.75 in January.
Since publication on April 29, the stock has tanked, sinking to $1.70 at the end of trading Thursday.
Steve Cook, Spectrum's vice president of investor relations, said Wednesday the Times' Floyd Norris, author of the story, purposely put a negative spin on Spectrum and failed to highlight some promising areas of growth, such as Spectrum's border surveillance system, dubbed "Safe-Borders."
Spectrum fired off a release May 3 saying the Times article contained factual errors and a number of false and misleading statements and criticized the New York Times for publishing it.