iPhone sales falling 50% short of obligation at Leap Wireless

In a recent filing with the Securities and Exchange Commission, Cricket owner Leap Wireless (LEAP) indicated that iPhone sales have fallen short of its expectations. The carrier revealed that it is on pace to purchase only half of its first-year commitment from Apple (AAPL) through June 2013. The information in the filing contradicts earlier statements made by the company’s chief financial officers Jerry Elliot. The executive previously said that “sales of Apple devices were pretty good in the fourth quarter” and the carrier wasn’t concerned about meeting its commitment with Apple. As noted by BTIG Research analyst Walter Piecyk, Leap could now be on the hook for $100 million of additional iPhone purchases in 2013 and $450 million over the course of its three-year contract.