UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                  SCHEDULE 13G

                   Under the Securities Exchange Act of 1934*

                                (Amendment No. 2)

                        Leap Wireless International, Inc.
                        ---------------------------------
                                (Name of Issuer)

                    Common Stock, par value $0.0001 per share
                    -----------------------------------------
                         (Title of Class of Securities)

                                    521863308
                                    ---------
                                 (CUSIP Number)

                                December 31, 2005
                                -----------------
             (Date of Event Which Requires Filing of this Statement)

           Check the appropriate box to designate the rule pursuant to
                         which this Schedule is filed:

                                [ ] Rule 13d-1(b)
                                [X] Rule 13d-1(c)
                                [ ] Rule 13d-1(d)

  *The remainder of this cover page shall be filled out for a reporting person's
  initial filing on this form with respect to the subject class of securities,
  and for any subsequent amendment containing information which would alter the
  disclosures provided in a prior cover page.

  The information required on the remainder of this cover page shall not be
  deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
  Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
  the Act but shall be subject to all other provisions of the Act (however, see
  the Notes).








------------------------------------         -----------------------------------
CUSIP No.  521863308                   13G   Page  2  of  6  Pages
------------------------------------         -----------------------------------

---------- ---------------------------------------------------------------------
1          NAME OF REPORTING PERSON
           S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           Third Point LLC (formerly known as Third Point Management Company
           L.L.C.)
---------- ---------------------------------------------------------------------
2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

---------- ---------------------------------------------------------------------
3          SEC USE ONLY
---------- ---------------------------------------------------------------------
4          CITIZENSHIP OR PLACE OF ORGANIZATION

           Delaware
-------------------- ------ ----------------------------------------------------
                     5      SOLE VOTING POWER

                            0
                     ------ ----------------------------------------------------
     NUMBER OF       6      SHARED VOTING POWER
      SHARES
   BENEFICIALLY             3,000,000
     OWNED BY
       EACH          ------ ----------------------------------------------------
     REPORTING       7      SOLE DISPOSITIVE POWER
      PERSON
       WITH                 0
                     ------ ----------------------------------------------------
                     8      SHARED DISPOSITIVE POWER

                            3,000,000
---------- ---------------------------------------------------------------------
9          AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           3,000,000
---------- ---------------------------------------------------------------------
10         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

           N/A
---------- ---------------------------------------------------------------------
11         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

           4.9%
---------- ---------------------------------------------------------------------
12         TYPE OF REPORTING PERSON*

           OO
---------- ---------------------------------------------------------------------





------------------------------------         -----------------------------------
CUSIP No.  521863308                   13G   Page  3  of  6  Pages
------------------------------------         -----------------------------------

---------- ---------------------------------------------------------------------
1          NAME OF REPORTING PERSON
           S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           Daniel S. Loeb
---------- ---------------------------------------------------------------------
2          CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                     (a) [ ]
                                                                     (b) [X]

---------- ---------------------------------------------------------------------
3          SEC USE ONLY
---------- ---------------------------------------------------------------------
4          CITIZENSHIP OR PLACE OF ORGANIZATION

           United States
-------------------- ------ ----------------------------------------------------
                     5      SOLE VOTING POWER

                            0
                     ------ ----------------------------------------------------
     NUMBER OF       6      SHARED VOTING POWER
      SHARES
   BENEFICIALLY             3,000,000
     OWNED BY
       EACH          ------ ----------------------------------------------------
     REPORTING       7      SOLE DISPOSITIVE POWER
      PERSON
       WITH                 0
                     ------ ----------------------------------------------------
                     8      SHARED DISPOSITIVE POWER

                            3,000,000
---------- ---------------------------------------------------------------------
9          AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

           3,000,000
---------- ---------------------------------------------------------------------
10         CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

           N/A
---------- ---------------------------------------------------------------------
11         PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

           4.9%
---------- ---------------------------------------------------------------------
12         TYPE OF REPORTING PERSON*

           IN
---------- ---------------------------------------------------------------------





Item 2(a):    Name of Person Filing:
----------    ----------------------

Item 2(a) of this Schedule 13G is hereby amended by deleting the entirety of the
text thereof and replacing it with the following:

This Schedule 13G is filed by:

     (i)  Third Point LLC (f/k/a Third Point Management Company L.L.C.), a
          Delaware limited liability company (the "Management Company"), which
          serves as investment manager or adviser to a variety of hedge funds
          and managed accounts (such funds and accounts, collectively, the
          "Funds"), with respect to shares of Common Stock (as defined in Item
          2(d)) directly owned by the Funds; and

     (ii) Mr. Daniel S. Loeb ("Mr. Loeb"), who is the Chief Executive Officer of
          the Management Company and controls its business activities, with
          respect to shares of Common Stock indirectly beneficially owned by Mr.
          Loeb by virtue of such position.

The Management Company and Mr. are hereinafter sometimes collectively referred
to as the "Reporting Persons." Any disclosures herein with respect to persons
other than the Reporting Persons are made on information and belief after making
inquiry to the appropriate party.

Item 2(b):    Address of Principal Business Office or, if None, Residence:
----------    ------------------------------------------------------------

Item 2(b) of this Schedule 13G is hereby amended by deleting the entirety of the
text thereof and replacing it with the following:

The address of the principal business office of the Management Company and Mr.
Loeb is 390 Park Avenue, 18th Floor, New York, New York 10022.

Item 4:       Ownership:
------        ----------

Item 4 of this Schedule 13G is hereby amended by deleting the entirety of the
text thereof and replacing it with the following:

     A.   Third Point LLC
          (a) Amount beneficially owned: 3,000,000
          (b) Percent of class: 4.9%. The percentages used herein and in the
          rest of this Schedule 13G are calculated based upon a total of
          61,160,538 shares of Common Stock issued and outstanding as of
          November 10, 2005, as reflected in the Company's Quarterly Report on
          Form 10-Q for the quarterly period ended September 30, 2005.
          (c) Number of shares as to which such person has:
              (i)   Sole power to vote or direct the vote: 0
              (ii)  Shared power to vote or direct the vote: 3,000,000
              (iii) Sole power to dispose or direct the disposition: 0
              (iv)  Shared power to dispose or direct the disposition: 3,000,000

                                     - 4 -


B.   Daniel S. Loeb
          (a) Amount beneficially owned: 3,000,000
          (b) Percent of class: 4.9%.
          (c) Number of shares as to which such person has:
              (i)   Sole power to vote or direct the vote: 0
              (ii)  Shared power to vote or direct the vote: 3,000,000
              (iii) Sole power to dispose or direct the disposition: 0
              (iv)  Shared power to dispose or direct the disposition: 3,000,000

Item 5:  Ownership of Five Percent or Less of a Class:
------   --------------------------------------------

          If this statement is being filed to report the fact that as of the
          date hereof the reporting person has ceased to be the beneficial owner
          of more than five percent of the class of securities, check the
          following: [X]

Item 10:      Certification:
--------      --------------

Each of the Reporting Persons hereby makes the following certification:

     By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.


                                     - 5 -









                                    SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.


Dated: February 10, 2006



                                  THIRD POINT LLC


                                  By:  /s/ Daniel S. Loeb
                                       -----------------------------------------
                                       Name:  Daniel S. Loeb
                                       Title: Chief Executive Officer


                                  /s/ Daniel S. Loeb
                                  ----------------------------------------------
                                  Daniel S. Loeb








       [SIGNATURE PAGE TO AMENDMENT NO. 2 TO SCHEDULE 13G WITH RESPECT TO
                       LEAP WIRELESS INTERNATIONAL, INC.]