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Leap Wireless Accused Of Inside Trading

SAN DIEGO (CN) - Directors of Leap Wireless International pumped up share price through false and misleading statements while dumping more than 500,000 shares for more than $47 million, based on inside information, shareholders claim in a derivative lawsuit in Federal Court. Leap, which offers digital wireless service under the Cricket and Jump brands, announced in November 2007 that it would have to restate three years of financial results.

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