Sculley Denies Reports of Probe, Departure; Spectrum Plummets

John Sculley, the former boss at Apple Computer Inc. who is now chairman of tiny Spectrum Information Technologies, on Tuesday denied a report that he is leaving the wireless communications company.

But the television report, by columnist Dan Dorfman, also alleged that the Securities and Exchange Commission is investigating the company, and it sparked frenzied trading in Spectrum shares, which tumbled $1 to $6.31 on the Nasdaq. Spectrum, which claims basic patents on wireless communications technologies, has been the subject of a number of lawsuits alleging that it overstated the value of its patents to inflate the price of its stock. The lawsuits have been settled.

In a statement, Sculley said he remains “committed to Spectrum.” A wire service report said he also denied there is any SEC probe of the company.