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Vonage After 30 years in IT, I'm pretty sure I know when I've refresehed a cache. That was
After 30 years in IT, I'm pretty sure I know when I've refresehed a cache. That was not what I experienced.
I checked periodically on the evening of the offering. At first, I got the "not allocated yet" message. Later, I refreshed the browser and actually got a message saying that allocations were being posted. A little later, I refreshed again, and it had gone back to the message saying that the allocations hadn't been made yet. This message was there the next few times I checked. A few minutes later, I refreshed again, and the site said I was allocated zero and owed zero. This was a fresh message, not a repeat of a cached message.
The prospectus had said that if they were significantly oversubscribed, shares would be allocated by lot. So I assumed that I just missed out on the draw.
I breathed a sigh of relief the next day as I saw the price plunge. Although I had received e-mails from Vonage whenever a change was made to the prospectus, I received no notification of any type saying anything had been allocated to me - not from Vonage, not from the underwriters, and not from the brokerage with which I had set up the limited account. So I had no reason to check any forums or to check the IPO site again. I had no idea I was already the proud owner of a plunging stock.
I went away for the weekend, and when I returned Monday night, I had a confirmation in the mail from the brokerage firm showing the allocation of 1300 shares and the amount I owed. Only then did I have any reason to return to the IPO site to confirm the bad news.
At that point, I had already lost over $5,000 in an investment I didn't even know I had. As some have pointed out in this thread, if the price had doubled since the start of trading, this would not be a problem. However, as others have pointed out, the problem is not simply finding a way to weasel out of an investment that didn't perform as I had hoped. The problem is that I wasn't tracking the investment as I would have if I had thought that I was a participant, instead of merely a spectator. I therefore had no opportunity to mitigate the loss, though no fault of my own.
However, as far as I can tell, the problem wasn't the fault of the underwriters or my individual broker, so I felt the only ethical course was to pay the broker for the shares allocated to me while I sort things out.
Nevertheless, I feel that this process has been severely flawed, and that it has resulted in losses that I was not given an opportunity to manage, in an investment that I didn't know I had made.
I am reviewing my options.
Read The Full Thread: Last Night Had 0, Tonight Have 1300?
• So, last night I logged onto my Vonage IPO account and was unceremoniously informed
• Ouch... That is cruel.....
It seems those who wanted 5000 shares got 1300,
• Well, my question is do I have a leg to stand on to fight it? Had I known I received
• I hope you can get this issue resolved as desired, and for the amount of money involved,
• I can't be the only person this happened to. If anyone else had a likewise experience,
• People last night were saying that when they first logged in it said 0, but after
• I believe you were viewing a cached version of the page, had you hit F5 you would
• Probably somewhere in the depths of all the fine print you will see you are poo out
• So, last night I logged onto my Vonage IPO account and was unceremoniously informed
• If any of you guys ever invested before, I'm sure there will be a lawsuit. It'll
Balto posted "After 30 years in IT, I'm pretty sure I know when I've refresehed a cache. That was" on 06/01/2006 |
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