The thing with leathers, whether it be Sarcophyton, Sinularia, Lobophytum etc. is alot of times they tend to cover up with a waxy type material and go through a phase much like a crustacean, or snake and lizard where they will molt/shed. For these corals, it is a way of naturally reducing and removing detritus, algae, parasites etc. from their tissue. This process usually takes a few days to complete. Once this is in the final stage, you will notice a slime/skin coming off of its polyps. After this the coral should return to normal with polyps extending and more vibrant than before.
Make sure that the coral is in a moderate water flow area and moderate lighting. The increased water flow reduces the likeliness of the leather producing this waxy buildup. It also helps to remove detritus etc. causing the waxy buildup in the first place. Helps with gas and food exchange. Also, many leather corals develop a disease called drop where if they do not receive adequate water flow they flop over and usually die quickly.
Provide vitamin C and Iodine for best results in addition to frequent water changes.