LITTLE ROCK, Ark., Jan. 29, 2003 (PRIMEZONE) -- The deadline for purchasers of Leap Wireless International, Inc. ("Leap" or the "Company") (OTCBB:LWIN) publicly traded securities to move for lead plaintiff in a securities fraud class action recently brought against the Company is rapidly approaching.
If you purchased Leap publicly traded securities between February 11, 2002 and July 24, 2002, inclusive (the "Class Period") and you wish to be a lead plaintiff in the case, you must move to serve as lead plaintiff by filing a motion in the United States District Court for the Southern District of California by February 10, 2003. A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.cauleygeller.com/library/user_images/leap_wireless.pdf.
The complaint, filed by a client of Cauley Geller, charges Leap Wireless International, Inc. and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that starting on February 11, 2002, the day after the Company publicly announced its financial results for its fiscal year ending December 31, 2001, defendants concealed the deteriorated value of its wireless license assets by undertaking a fraudulent impairment test of those assets which grossly overstated the value of Leap's wireless license assets in its financial statements.
The complaint alleges that defendants were motivated by the need to preserve the image of Leap as a viable wireless company with valuable assets, sufficient to persuade lenders, investors and vendors to provide capital, loans and equipment to the Company. Defendants issued materially false and misleading statements on February 11, 2002, April 24, 2002 and May 2, 2002. On July 24, 2002, the last day of the class period, Leap announced its financial results for its second quarter of 2002 and admitted for the first time that circumstances existed throughout the year were adversely affecting the Company. On this news the market price of Leap shares fell from a Class Period high of $10.00 to below $1.00 and are presently trading at less that $.40 per share.
If you bought Leap publicly traded securities between February 11, 2002 and July 24, 2002, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than February 10, 2003. If you are a member of this class, you can join this class action online at http://cauleygeller.com/template8.asp?pcode=6&pp=1. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Cauley Geller is a national law firm that represents investors and consumers in class action and corporate governance litigation. It is one of the country's premiere firms in the area of securities fraud, with in-house finance and forensic accounting specialists and extensive trial experience. Since its founding, Cauley Geller has recovered in excess of two billion dollars on behalf of aggrieved shareholders. The firm maintains offices in Boca Raton and Little Rock.
If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.cauleygeller.com.
CAULEY GELLER BOWMAN & COATES, LLP Client Relations Department: Jackie Addison, Heather Gann or Sue Null P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 E-mail: info@cauleygeller.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca