TECHNOLOGY & TELECOMMUNICATIONS
From Times Staff and Wire Reports
John Sculley Acts to Shore Up Firm’s Reputation: The former CEO of Apple Computer Inc. announced a $1.5-million settlement of a shareholder lawsuit against Spectrum Information Technologies Inc., which he joined in October despite the company’s persistent losses, questionable stock practices and problems with federal regulators. He also announced the resignations of three executives, cutbacks at a money-losing unit and the purchase of a small engineering firm. Analysts said the changes are his attempt to distance the Manhasset, N.Y.-based wireless data company from a checkered past and expand its core business beyond patents for the wireless transmission of computer data.
