Case Page

 

Case Status:    DISMISSED    
On or around 01/11/2005 (Other)

Filing Date: December 05, 2002

According to the Company’s FORM 10-K for the fiscal year ended December 31, 2004, nine securities class action lawsuits were filed against Leap, and certain of its officers and directors, in the United States District Court for the Southern District of California on behalf of all persons who purchased or otherwise acquired Leap’s common stock from February 11, 2002 through July 24, 2002. Those lawsuits were all virtually identical to one another. The plaintiffs alleged that the defendants were responsible for the dissemination of a series of material misrepresentations to the market during the class period, thereby artificially inflating the price of Leap’s common stock. The complaint sought an unspecified amount of damages, plus costs and expenses related to bringing the actions. No class was certified in the lawsuit. The defendants filed a motion to dismiss the amended complaint, stating that the amended complaint failed to plead any facts which show that any representations were made by Leap or any other defendants or that any of the alleged misrepresentations caused a change in the value of Leap’s shares. On August 26, 2004, the court granted the defendants’ motion to dismiss, but granted the plaintiffs leave to amend their complaint. The plaintiffs did not file an amended complaint and a court order voluntarily dismissing the action with prejudice was issued on January 7, 2005

On April 13, 2003, Leap filed a voluntary petition for bankruptcy protection under Chapter 11 in the United States Bankruptcy Court for the Southern District of California. Accordingly, Leap is currently not a defendant.

The original Complaint alleges defendants Leap and certain of its officers and directions defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material
misrepresentations to the market during the Class Period thereby
artificially inflating the price of Leap's securities. Specifically,
the Complaint alleges that in starting on February 11, 2002, the day
after the Company publicly announced its financial results for its
fiscal year ending December 31, 2002, 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.

COMPANY INFORMATION:

Sector: Services
Industry: Communications Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: LWIN
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. California
DOCKET #: 02-CV-2388
JUDGE: Hon. Napoleon A. Jones, Jr.
DATE FILED: 12/05/2002
CLASS PERIOD START: 02/11/2002
CLASS PERIOD END: 07/24/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy, LLP (New York)
    212 East 39th Street, Abbey Gardy, LLP (New York), NY 10016
    212.889.3700 · info@abbeygardy.com
  2. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  3. Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR)
    P.O. Box 25438, Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR), AR 72221-5438
    501.312.8500 501.312.8505 ·
  4. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
No Document Title Filing Date
COURT: S.D. California
DOCKET #: 02-CV-2388
JUDGE: Hon. Napoleon A. Jones, Jr.
DATE FILED: 05/23/2003
CLASS PERIOD START: 02/11/2002
CLASS PERIOD END: 07/24/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy, LLP (New York)
    212 East 39th Street, Abbey Gardy, LLP (New York), NY 10016
    212.889.3700 · info@abbeygardy.com
  2. Cauley Geller Bowman & Coates, LLP (Little Rock, AR)
    11311 Arcade Drive, Suite 200, Cauley Geller Bowman & Coates, LLP (Little Rock, AR), AR 72212
    ·
  3. Finkelstein & Krinsk LLP
    501 West Broadway, Suit 1250, Finkelstein & Krinsk LLP, CA 92101
    877.493.5366 619.238.5425 ·
  4. Glancy Binkow & GoldBerg LLP
    1925 Century Park East, Suite 2100, Glancy Binkow & GoldBerg LLP, CA 90067
    310-201-9150 · info@glancylaw.com
  5. Hulett Harper LLP
    550 West C Street, Suite 1600, Hulett Harper LLP, CA 92101
    619.338.1133 619.3381139 · mailto:office@hulettharper.com
  6. LEVI & KORSINSKYY
    212 East 39TH Street, LEVI & KORSINSKYY, NY 10016
    212.889.3700 ·
  7. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  8. Stull, Stull & Brody (Los Angeles)
    10940 Wilshire Boulevard - Suite 2300, Stull, Stull & Brody (Los Angeles), CA 90024
    310.209.2468 ·
  9. Wechsler Harwood LLP
    488 Madison Avenue 8th Floor, Wechsler Harwood LLP, NY 10022
    212.935.7400 · info@whhf.com
  10. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date