MINNEAPOLIS, Nov. 26, 2007 (PRIME NEWSWIRE) -- Charles H. Johnson & Associates announces that it has commenced an investigation against Leap Wireless International, Inc ("Leap" or the "Company") (Nasdaq:LEAP) publicly traded securities during the period May 5, 2004 through November 8, 2007 (the "Class Period").
On November 9, 2007, Leap announced 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, falling from approximately $58 to approximately $40 per share.
Leap 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 explanation on September 6, 2007. In addition, Leap was engaged in prolonged merger talks during the period in question.
If you purchased Leap Wireless International, Inc. securities during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com) Charles H. Johnson & Associates 2599 Mississippi Street New Brighton, MN 55112 (651) 633-5685