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Vonage Jeff Citron spent $1.26 million of his own money buying shares of VG on 8/4/06 for
Jeff Citron spent $1.26 million of his own money buying shares of VG on 8/4/06 for an average price of $6.70. It worked...
...for about a week
Now Vonage is 20 cents below where he tried to prop it up, and has resumed its secular downward trend to $1 and below. The pattern seems to be dropping 1-3% a day for 3-4 days, then bouncing back up or breaking even for a couple days, then falling back down for a few more days.
On average, Vonage has dropped 9.4 cents a day since July 1st.
Jeff Citron tried to stem the bleeding with more than a million of his own money, and all he did was buy it a few days' respite.
Will he try again? I doubt it, but the last two weeks have shown that it doesn't matter.
I would hate to see the people here who still own shares to lose even more money because they have an emotional attachment to their investment. If you bought in the IPO you still have 38.2% of you original investment left. Sell it and run.
Right now only YOU have the right to sell VG shares. Pretty soon, just about three months from now, all of the early Vonage investors who bought their shares for as little as 70 cents will have the right to sell their shares on the open market.
The number of potential sellers of VG will increase by more than 300% in November. Do you think the number of buyers will also suddenly expand? I don't. That is why I am better against Vonage.
Read The Full Thread: Citron''s Failure: VG already below his support level
• Kudos to BigTime! Glad to see someone bring reality to investing in VG. I'm no stock
• Enter the Vonage Cheerleaders.....
• Small correction to GetReal's post:
Citron is not a convicted felon. He plea-bargained,
• I stand corrected. A "convicted felon" is defined as someone who is legally convicted
BigTime posted "Jeff Citron spent $1.26 million of his own money buying shares of VG on 8/4/06 for" on 08/11/2006 |
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