How it Works
The way to use this strategy is to get a Liepard with Prankster and get another Pokemon with a moveset that only includes switch-out moves like Roar and Whirlwind (Dragon Tail/Circle Throw works too). Prankster makes it attack first, so the other Pokemon gets switched out before it has the chance to attack.
How to Counter It
Countering this strategy is definitely possible, and it can be done in many ways. First of all, Liepard can only switch out one Pokemon at a time, so you can use whatever is left to KO it (it's super frail).
If you want to kill it quickly, you can use a Talonflame or something similar to take it out with priority. There are other ways too, like having the ability Suction Cups.
You can use a faster Prankster with Taunt to counter. - Poke'slash
Yes, this is true.
Hope I helped!