Flashing red & blue light means the AP is unable to bootup properly. It could be in ROMmon. If the AP is powered using PoE it could be one of the bugs affecting 1140.
If you have a PoE switch, then post the output to the commadn "sh power inline". Your AP should be UNABLE to negotiate to PoE. If this is the case, shut down the interface, wait for approximately 5 to 7 seconds and re-enable the port.
Let us know how this goes. If it still doesn't work, then we need to go into the second step and check TDR.
I have tried this specific AP on different switches including switch ports where other APs are working fine. It's just this specific one that is misbehaving. With that I would like to believe this has nothing to do with the switch. Tell me if I am right