Subject: [NEXTEL-1] Buzzards Circling Leap

From: Marcel <[email-masked]>
Date: Thu, 02 Jan 2003 15:43:16 -0500

I hope Metro PCS is taking notes. Metro uses a "All You Can Eat -Flat Rate" similar to
Crickets business model.
Leap's downward spiral accelerated after the mis-reporting of subscriber adds (they used
the "F" word -Fraud), that coupled with a ruling that Leap Wireless International must
cough up an  additional $41 million in cash or the equivalent in Leap stock to a company
from which it bought spectrum licenses covering Buffalo and Syracuse, N.Y. and other
financial issues.
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Buzzards Circling Leap
BY WIRELESS WEEK STAFF
JANUARY 2, 2003
When it comes to picking at the financial carcass of Leap Wireless International,
the line apparently is forming fast.

The three business days ending today saw no less than three announcements of
class action lawsuits against the troubled company - parent of flat-rate wireless
service Cricket Communications - by attorneys representing disgruntled Leap
shareholders.

And there's a bit of subtle jostling going on, apparently. The New York law firm
Abbey Gardy today announced a securities class action suit against Leap, calling
its action 'the first class action lawsuit filed against Leap Wireless International'
for shareholders who bought stock in the company between Feb. 11 and July 24,
2002.

Abbey Gardy announced its suit days after the New Year's Eve announcement by
Hartford, Conn.-based Shepherd, Finkelman, Miller & Shah of a similar action
filed against Leap in the U.S. District Court for the Southern District of California.
And Shepherd, Finkelman's announcement came the day after a release by the
firm Weiss & Yourman announcing - you guessed it - that it had filed a securities
class action against Leap.

All three cases essentially accuse Leap and its top executives of making material
misrepresentations to the financial markets - including grossly overstating the
value of Leap's wireless licenses - that helped inflate the company's stock before
its second-quarter financial report sent it plummeting.

Judges typically consolidate such myriad suits into a single action.

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