NEW YORK, Nov. 9, 2007 (PRIME NEWSWIRE) -- Roy Jacobs & Associates announces that it is investigating possible securities and other legal violations regarding today's announcement by Leap Wireless International, Inc. ("Leap" or the "Company") (Nasdaq:LEAP) that its revenues and operating income were overstated, and that it is revising these figures for the 2004 through 2006 fiscal years, and the first two quarters of 2007. Leap shares have dropped approximately 30% on greatly increased trading volume, dropping from approximately $58 to approximately $40 per share.
CEO Stewart D. Hutcheson sold close to $2 million worth of stock at prices in the $67-85 range in the first half of 2007, and CFO Amin Khalifa resigned without any cogent explanation on September 6, 2007. In addition, Leap was engaged in prolonged merger talks during the period in question.
If you purchased Leap shares and have experienced a decline in their value below their cost (or have sold them at a loss) as a result of recent developments, please contact Roy L. Jacobs. Mr. Jacobs will speak with you personally at no cost or obligation.