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Vonage From thestreet.com (http://www.thestreet.com/_yahoo/newsanalysis/dumbest/10344736_5.html):
"5.
From thestreet.com (http://www.thestreet.com/_yahoo/newsanalysis/dumbest/10344736_5.html):
"5. Vonage Unplugged
The Vonage (VG - Cramer's Take - Stockpickr) disconnect is getting hard to ignore.
Investors fled the struggling Holmdel, N.J., Internet telco anew this past week after Vonage got docked in a patent dispute with Verizon (VZ - Cramer's Take - Stockpickr - Rating).
Jurors found that Vonage infringed three Verizon patents. They ordered Vonage to pay $58 million in damages and a 5.5% royalty on future sales.
Wall Street worried that the judgment would deal a staggering blow to a company whose finances have rarely been envied. Shares have lost three-quarters of their value since Vonage's initial public offering last May. At Sept. 30, the company's accumulated deficit was $604 million.
Still, Vonage continues to emphasize the positive. The company disclosed the Verizon setback in a press release headed, "Vonage Vindicated on Four of Seven Patents."
"We are delighted," Vonage said, "that the jury rejected Verizon's meritless claim that we infringed their two billing patents."
Investors were less delighted. Shares plunged 13% in heavy trading last Friday as Wall Street felt the company's financial pain. The selling was so heavy that Vonage felt compelled to renew its charm offensive last Friday.
"Vonage is not going out of business," Vonage said reassuringly. "There will be no loss of service to our customers. Our customers will experience no change in their phone service."
That's the good news. Of course, you can't blame investors for being unnerved by another comment in the Friday afternoon release.
"Vonage is equipped to handle these costs," the company said, "while still running our business as we always have."
That's just what everyone was afraid of.
Dumb-o-Meter score: 82. "The jury's damage award represents a 70% reduction" from Verizon's claim, Vonage celebrated. "
Of course, I'm sure this post will be deleted simply because it talks about Vonage in a negative light.
Read The Full Thread: Vonage one of "five dumbest things on wall st." th
• At $4.00, there should a little left for Sprint to finish off VG when that case begins.
• All this means is now Vonage has an official reason to not offer ACR and other new
• I can't wait to see how Vonage spins today's news:
http://www.marketwatch.com/News/Story/Story.as
fanninja posted "From thestreet.com (http://www.thestreet.com/_yahoo/newsanalysis/dumbest/10344736_5.html):
"5." on 03/16/2007 |
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