NEW YORK, Jan. 13, 2003 (PRIMEZONE) -- The law offices of Wechsler Harwood LLP today announced that a securities class action has been commenced on behalf of all purchasers of the common stock of Leap Wireless International, Inc. ("Leap" or "Company") (OTCBB:LWIN) between February 11, 2002 and July 24, 2002 ("Class Period").
The case is pending in the United States District Court for the Southern District of California. A copy of the complaint filed in this action is available from the Court, or can be viewed on the Wechsler Harwood web site at: www.whesq.com.
Leap provides digital wireless services to the mass consumer market under the provider name "Cricket." In addition to the Company, the Complaint names Manford Leonard, Susan G. Swenson and Harvey P. White, all of whom were senior officers and/or directors of the Company during the Class Period, as Defendants. The Complaint charges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by issuing a series of false and misleading statements regarding its business and financial condition during the Class Period. Specifically, the Complaint alleges that, at the time the Company announced its financial results for the fiscal year ending on December 31, 2001 (i.e., on February 11, 2002) and throughout the remainder of the Class Period, Defendants concealed the deteriorated value of its wireless license assets by relying upon a fraudulent impairment test of those assets, which resulted in a gross and material overstatement of the value of Leap's assets in the Company's financial statements. The Complaint also pleads that Defendants issued additional false and misleading statements during the Class Period that caused the value of Leap's common stock to trade at artificially inflated levels during the Class Period.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you are a member of the Class, you may move the court no later than February 10, 2003 to serve as a Lead Plaintiff for the Class. In order to serve as a Lead Plaintiff, you must meet certain legal requirements. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
Wechsler Harwood has taken a leading role in many important actions on behalf of defrauded shareholders. The Wechsler Harwood website (www.whesq.com) has more information about the firm and detailed information regarding this matter. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following:
Wechsler Harwood LLP 488 Madison Avenue, 8th Floor New York, New York 10022 Toll Free Telephone: (877) 935-7400 Ramon Pinon, Wechsler Harwood Shareholder Relations Department: rpinon@whesq.com extension-283
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.