After Restatement, Leap Wireless Hit With Suit

Law360 (November 28, 2007, 12:00 AM EST) -- An investor in Leap Wireless International Inc. has initiated a putative class action accusing the mobile carrier of inflating its stock price by making material misstatements and omissions to raise reported revenues.

HCL Partners LP filed its complaint Monday in the U.S. District Court for the Southern District of California against Leap and three Leap executives, including the CEO, as well as against auditor PricewaterhouseCoopers LLP.

On behalf of all investors from May 16, 2004, through Nov. 9, 2007, the complaint accused the defendants of making...
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