March Rachesky, the chairman of Leap Wireless International (LEAP.O), has raised his stake in the wireless service provider to 29.97 percent following recent sharp declines in the company's stock price. Rachesky, a co-founder of MHR Fund Management, the company's biggest shareholder, had owned 27.5 percent. The new purchases, reported in a U.S. regulatory filing, come as as another shareholder, Pentwater Capital, has been pushing Leap to adopt a shareholder rights plan to limit purchases by any single investor. Pentwater had asked the company on Aug. 11 to adopt a plan to prevent any investor from buying more than 20 percent of the stock. It followed with another letter on Wednesday asking the company to move to prevent anybody from buying more than 27.5 percent of its stock.
Leap Wireless International, Inc. (Leap) is a wireless communications carrier that offers digital wireless services in the United States under the Cricket brand. Shares of LEAP fell by 8.47% or $-0.82/share to $8.86. In the past year, the shares have traded as low as $5.78 and as high as $17.66. On average, 2543180 shares of LEAP exchange hands on a given day and today's volume is recorded at 807938.
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