NEW YORK, July 15, 2013 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the Board of Directors of Leap Wireless International Inc. ("Leap Wireless" or the "Company") (NASDAQ: LEAP) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to AT&T, Inc. (NYSE:T).
Under the terms of the transaction, Leap Wireless shareholders will receive $15.00 per share of Leap Wireless stock they own; Leap Wireless shareholders will also receive a contingent right entitling them to the net proceeds derived from the sale of the Company's 700 Mhz "A Block" spectrum in Chicago. Shareholders representing approximately 29.8% of the Company's outstanding shares have already agreed to tender their shares.
The investigation concerns whether the Sr. Management and Board of Directors of LEAP breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the transaction, and whether AT&T, Inc. is underpaying for Leap Wireless, thus unlawfully harming Leap Wireless shareholders. Indeed, certain multiples being offered to acquire LEAP are below that of recent comparable deals in the industry.
If you own common stock in Leap Wireless and wish to obtain additional information, please contact us toll free at 1-877-772-3975 or email at [email protected]
Tripp Levy PLLC
New York, New York
Toll free: 1-877-772-3975
Email: [email protected]
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SOURCE Tripp Levy PLLC