Levi & Korsinsky LLP Announces Class Action Lawsuit Against Virgin Mobile USA, Inc. - VM

NEW YORK, NY--(Marketwire - August 13, 2009) - Levi & Korsinsky announces that a class action
lawsuit has been filed in New Jersey state court challenging the proposed
acquisition of Virgin Mobile USA, Inc. ("Virgin Mobile" or the "Company")
(NYSE: VM). The Complaint arises out of the announcement by Virgin Mobile
stating that it had entered into a definitive merger agreement with Sprint
Nextel Corp. ("Sprint") (NYSE: S). Under the proposed agreement, each
Virgin Mobile shareholder will receive Sprint shares having a 10-day
average closing price equivalent to $5.50 per Virgin Mobile share for a
total equity value of approximately $483 million.

The complaint alleges that the price is unfair and the Company did not take
adequate steps to maximize shareholder value. In particular, Sprint already
owns approximately 13.1% of Virgin Mobile, which uses Sprint's cellular
network to offer its services, and Sprint has entered into voting
agreements that, together with the Virgin Mobile shares it owns, comprise
approximately 40% of the outstanding voting power of Virgin Mobile. In
addition, the Company agreed to refrain from soliciting competing offers
that may be superior than the Sprint offer and also agreed to pay Sprint a
termination fee of $14.2 million in the event the agreement is terminated
under certain circumstances that will all but ensure that no superior offer
will ever be forthcoming.

The companies expect to consummate the transaction in the fourth quarter of
2009 or in early 2010, subject to customary closing conditions, including
all necessary regulatory and stockholder approvals.

If you own common stock in Virgin Mobile and wish to obtain additional
information, please contact us at the number listed below or visit
http://www.zlk.com/vm1.html.

Levi & Korsinsky has expertise in prosecuting investor securities
litigation and extensive experience in actions involving financial fraud
and represents investors throughout the nation, concentrating its practice
in securities and shareholder litigation.