AT&T's $1.2B Leap Offer Cheats Investors, Suit Says

Law360, New York (July 16, 2013, 2:53 PM EDT) -- Leap Wireless International Inc. and its top brass on Monday were hit with a proposed shareholder class action in Delaware Chancery Court, with investors alleging that its pending $1.19 billion sale to AT&T Inc. rewards Leap insiders but undervalues the company at the expense of investors.

Named plaintiff the Booth Family Trust contends that the deal, which would pay $15 per share for Leap, is grossly unfair considering Leap’s prospects for growth and revenues as well as its robust spectrum holdings.

“Despite the strong financial outlook...
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