Wireless carrier is losing big time on iPhone gamble

The new iPhone 5 is displayed during an Apple special event at the Yerba Buena Center for the Arts on Sept. 12, 2012 in San Francisco.</p>

The new iPhone 5 is displayed during an Apple special event at the Yerba Buena Center for the Arts on Sept. 12, 2012 in San Francisco.

Well this is some bad news for Apple shareholders

Leap Wireless, which runs a prepaid cellphone brand called Cricket, just warned its own shareholders that, after making a very large bet on iPhones, it's having a very hard time selling them.

Leap says it could end up with $100 million worth of unsold iPhones.

BTIG Research's Walter Piecyk dug up Leap's filing.

Some of the blame here falls on Apple, which hasn't tried very hard to make a super cheap iPhone.

A lot of it falls on Leap, which can't sell its iPhone in every market due to technological constraints.

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