Erm, maybe the leather is a bit new yet? Let it break in.
I've carried my P3AT w/ crimson trace when not on my ankle in that holster for over a year. No rips, tears, and has molded fine to the pistol. I've gotten the holster totally wet too. Proceeded to let it dry and it kept its form. I can draw quicker from this holster in my pocket and fire than I can IWB.
Sorry for the camera phone quality.
J
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If you're going to carry one weapon, might as well carry two, because as the saying goes, "Two is one, and one is none."