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Vonage I do think that there is no question as to the future of vonage. This company, due
I do think that there is no question as to the future of Vonage. This company, due to the splendid work of upper management, and the aid of the Investment banks, have guaranteed an end to this company within the next 12 months. The money Vonage is going to have to spend to defend lawsuits and make good on this IPO will evaporate a great deal of the proceeds of the IPO.
Now, looking back, it would have been way easier to offer the IPO at a more reasonable price per share than to offer it at $17, deal with customers who will not pay, and defend the company against a host of litigation that is soon to follow. I did not lose money on this trade, I got my shares written off, but I will certainly join a class action suit if it includes folks other than who were wronged by the IPO. I feel very sorry for the folks that did lose money on this. They lost money because they believed in the company and it turned around and screwed them.
It will be interesting to see in the next 2-4 months to see what pans out with the non payment of shares and any lawsuits coming in Vonage's direction. I will also be curious to see if the fall in the stock price was due to naked short selling, possibly by the same exact banks that underwrote the deal. Investment Banking has always been about firm reputation, where the reputation of the bank is put on the line. The reputation of these three investment banks most certainly will take a hit. I encourage everyone here to close any and all accounts you have open with Smith Barney and the others, as I feel these firms totally went around the Vonage customers backs.
Lots of folks here like to say that this is all a big game and you lose some and you win some, but when there are so many unknown things that might have gone on with this issue (for example, naked short selling by the issuing houses), the playing field is not level, and it is not as easy as just saying that it was a losing trade. Passing the whole thing off just as a bad trade "oh well" is failing to recognize the countless deceptive acts of both Vonage and the issuing banks. A big step in the evaluation of this will be the result of the NYSE probe of naked short selling on the issuing day.
I am not in an area where I have a telco/cable co that offers Voip service, but when they do, I will certainly switch from Vonage to them, as I feel that Vonage knowingly went behind the customers backs and put the interests of upper management in front of interest in what makes the company tick, the customers. You can disagree if you like, but all the facts reported so far indicate that the banks highballed the ipo price, and that the IPO was nothing else but an exit method for the venture capital investors.
Read The Full Thread: Breaking News - My Stock Was Bought Out
• Stock was bought out, owe no money.
• Did you sell the shares?? Or did you just let it sit?
• Unfortunately I just paid for mine and received a notice that they sold it last
• I sold the first day
• This has got to be the most moronic stock trade in the history of the NYSE if what
• I too sold the first day and i have yet to pay for the shares. Actually i did send in
• I would hold off on paying for the shares. Seems like the trades were already bought
• Woo Hoo Woo Hoo Hoo
• So if Smith Barney is paying all the non-payers off, why are there still class action
• Only a very small portion of people are non payers. The class action suits, which
ckudrna posted "I do think that there is no question as to the future of vonage. This company, due" on 06/14/2006 |
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