Dallas, Texas 07/16/2013 (Financialstrend) –The securities litigation firm, Powers Taylors LLP and the former attorney at the Securities and Exchange Commission of the United States, Willie Briscoe, have taken up the investigation claims related to the proposed sale of Leap Wireless International, Inc. (NASDAQ:LEAP) to AT&T, Inc. The investigation claims have been initiated on behalf of the shareholders of LEAP and will thereby probe into the details of the proposed acquisition deal. It has been laid down in the purchase agreement that the purchase value for the company is set at $1.19 billion, translating into $15 per share to the investors, as compared to the current share price of the company in the exchange at $17.25 per share.
The recent investigation undertaken by the two law firms mainly probes into details of the deal and investigates whether the shareholders of the company are being informed about all the required details to make effective decisions. It further probes whether the shares of LEAP have been undervalued in the deal and whether the Board of Directors of the company considered all strategic alternatives before finally closing the deal. The law firms also inquire whether the Board attempted to extract the maximum possible value for the shareholders before deciding to agree on the acquisition by AT&T Inc.
Intraday range was between a low price of $16.74 and a high price of $17.25. The share price of Leap Wireless International, Inc. (NASDAQ:LEAP) closed for the day at $16.95, recording an increase of 112.41%. The 52-week price range was from $4.28 to a $17.25.The stock opened at $17.23 on Monday with a market capitalization of $1.34 billion and 79.05 million outstanding shares. With an institutional ownership of 103%, the trading volume for the day of Leap was 32.03 million shares and the average trading volume was 1.45 million shares.
