MINNEAPOLIS, Jan. 23, 2008 LAWFUEL – LawFuel – Law Newswire — Lockridge Grindal Nauen P.L.L.P. filed a class action lawsuit against Leap Wireless International, Inc. (“Leap” or “Company”) (Nasdaq:LEAP) and certain of its officers and directors in the United States District Court for the Southern District of California, on behalf of investors who purchased or otherwise acquired Leap common stock from November 10, 2005 through November 8, 2007 (the “Class Period”).
If you purchased or otherwise acquired Leap common stock during the Class Period, you may move the Court, no later than Monday, January 28, 2008, to be appointed Lead Plaintiff.
The Complaint alleges that during the Class Period, Defendants issued materially false and misleading statements regarding the Company’s business and prospects. As a result of Defendants’ false statements, Leap stock traded at artificially inflated prices during the Class Period, reaching its all-time high of $99.04 per share on July 25, 2007. In November of 2007 the Company shocked the investment world when it announced that it was restating its financial statements for fiscal years 2004, 2005 and 2006 and for the first and second quarters of 2007 to correct errors in previously reported service revenues, equipment revenues, and operating expenses. When the truth about the Company’s financials was finally revealed on November 9, 2007, the price of the Company’s publicly traded stock plummeted to close at $36.72, damaging the Plaintiff and the other members of the Class.
The Complaint alleges that Defendants orchestrated a fraudulent scheme and course of business that operated as a deceit on purchasers of Leap common stock. According to the Complaint, the scheme: (i) deceived the investing public regarding Leap’s prospects and business; (ii) artificially inflated the price of Leap’s common stock; (iii) allowed Company insiders to sell their own Leap stock at artificially inflated prices; and (iv) caused Plaintiff and other members of the Class to purchase Leap common stock at artificially inflated prices.
Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as Lead Plaintiff.
For more information, please contact:
Karen H. Riebel, Esq. ([email protected])
Lockridge Grindal Nauen P.L.L.P.
100 Washington Avenue South, Suite 2200
Minneapolis, MN 55401