SAN DIEGO, July 17, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that an investor who currently holds Leap Wireless International, Inc. (LEAP) shares filed a lawsuit to halt the proposed takeover of Leap Wireless International, Inc. by AT&T Inc for $15.00 per LEAP share.
Investors who purchased shares of Leap Wireless International, Inc. (LEAP) prior to July 12, 2013 and currently hold any of those Leap Wireless shares, have certain options and should contact the Shareholders Foundation, Inc. at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
On July 12, 2013, AT&T Inc. and Leap Wireless International Inc. announced that they have entered into an agreement for AT&T Inc. to acquire Leap Wireless International Inc. for $15 per share in cash.
However, the plaintiff alleges that the defendants breached their fiduciary duties owed to Leap Wireless stockholders by agreeing to sell the company too cheaply via an unfair process. More specifically, the plaintiff claims that the $15-offer is too low and undervalues the company considering, among other things, Leap Wireless International's prospects for growth and revenues. Indeed, following the takeover news shares of Leap Wireless International jumped to as high as $17.39 per share on July 16, 2013, thus above the current offer.
Furthermore, the plaintiff claims that the process is also unfair to Leap Wireless investors. In fact, certain owners of approximately 29.8% of Leap's outstanding shares have already entered into an agreement to vote in favor of the transaction.
Those who currently are investors in Leap Wireless International, Inc. shares and purchased a substantial amount of Leap Wireless shares before the announcement have certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.