I think that is what Leatherman recommends. WD 40 is great for water displacement and has been reputed to protect against rust, but despite its maker's claim, not really a good lubricant. Every once in a while, a drop of light lubricating oil at the pivots (go easy, it doesn't take much) can be beneficial. I have never used anything else and have never experienced binding or corrosion on any of my gear.
This brings up something sad for me. The guy who told me about WD 40 (decades ago), a boiler maintenance mechanic and one of the sweetest guys I ever knew, was a naval reservist who had just returned from a tour in Afghanistan. He was sitting on his Harley waiting for a light to change when a car ran the light, hitting and killing him. That was two weeks ago. He was 52.