The deliberate spreading of false information for the purposes of swaying public opinion or reinforcing existing beliefs. Typically, this term is used in a political or corporate context. In short, it means to "spread shit around".
The candidate engaged in a campaign of fecal bombardment in order to gain a leg up on his opponent.
After the scandal involving the board of directors, the new CEO began a policy of fecal bombardment in order to keep investors happy.