Officials Respond to Sharp Drop in Pacific Scientific Co.’s Stock

The price of Pacific Scientific Co. stock has dropped sharply in recent weeks, prompting the firm’s executives to issue a statement Wednesday saying there is no fundamental reason for the decline. The electrical equipment manufacturer’s stock dropped from just over $20 in mid-May to $14.125 Tuesday.

Scientific’s stock had climbed after the company announced last October that it was introducing a new compact florescent lighting technology line called Solium. But the price slumped after the company failed to line up a major lighting company for distribution.

The company expects to begin producing and shipping the Solium line by the end of the third quarter this year, said Edgar S. Brower, chief executive.

“The product has major advantages,” said John Westergaard of Westergaard Research, an investment publisher. “But the market has been waiting for a relationship with a major lighting company and that hasn’t happened.”