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Vonage I have paid for my 1300 shares, and sold the first day at a loss of about 1.5 points
I have paid for my 1300 shares, and sold the first day at a loss of about 1.5 points per share. .75 of that occured while on hold and while the broker put the order in (putting the order alone took these clowns 10 minutes, absurd, that's the brokers fault, but I pay the penalty, on top of the incredibly high .12 per share charge. I guess you can charge a lot when you mis price and deliver slow lousy service). So we know the underwriters did an awful job. We know Vonage who have some say in pricing, did a bad job. Also those who thought they had not shares due to Vonage site errors, another bad job. Vonage sucking customers into the awful ipo another bad job. IN THE PRESS THIS HAS BEEN REPORTED AS THE SINGLE WORST IPO IN HISTORY. Clearly the underwriters and Vonage made very serious mistakes, but you get to pay for their errors.
If I had not paid (and the stocks down another 3.5 points from where I sold) I would not pay. Yes with ipo's there are risks, but as stated above pricing, communication on allocation, broker execution on trades were horrible. If you bought a new car for $20,000 and found out the dealer had overcharged you $6,000 above book, would you go ahead and pay? Of course not and this is the exact same thing. In addition you realize through the process the dealer does not know anything about selling cars, or repairs, or business, giving you even more reason to want out of the deal. Again yes ipo's have risks, but you assume the underwriters and Vonage have also done their job properly. Since this is the worst ipo in history, you can assume they did the worst job in history, they have failed in both their legal and moral duty (as is obvious and in addition will be further revealed when the class action suit emerges and they get sued, and I think for damages in addition). UNDERWRITERS AND Vonage FAILED DELIVERING THE WORST IPO IN HISTORY. DO NOT PAY THEM FOR THEIR MISTAKES. DO NOT PAY EVER. Given their horrible record of doing anything right you can assume they will screw up trying to sue customers and this will get dragged out so long they will probably be out of business by the time they could collect.
Also through this process is must be obvious Vonage management is horrible and I would never own this stock long term. I actually knew this and was buying for a flip, however I did not know how bad the underwriters were,and Vonage turned out to be much worse than I suspected. Sell now or soon or lose more. I will short this stock at the end of the 30 day period.
Read The Full Thread: Vonage to IPO buyers: Pay up
• Vonage to IPO buyers: Pay up
Stock price down 30% in a week
Posted by the Asbury
• Got this e-mail from Vonage Investor Relations this morning...
• Welcome to another trading day fellow investors. Looks like another day of free
• Have to see where vonage is trading after 30 days (you have to wait 30 days after
• This topic is being discussed HERE
indexit posted "I have paid for my 1300 shares, and sold the first day at a loss of about 1.5 points" on 06/01/2006 |
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