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Vonage Poor performance is one thing, but down over 40% since the IPO is just disreguard
Poor performance is one thing, but down over 40% since the IPO is just disreguard for the customers.I have no doubt that class action suits will find that Vonage violated certain NASD rules with this issue.
I am not sure how to make this more clear. It is very obvious for anyone with any sort of financial background that this IPO was issued in order to provide an exit method for venture cap investors and upper management. The underwriting banks are smart people, they knew that this was the reason for the ipo. You rarely ever see such drastic falls in IPOs after issue (of course with some exceptions), because the underwriting banks are usually obligated to make markets in the stock. From what I have seen here, it does not appear that this is what is being done. All of these banks were the ones naked short selling VG right at the open. Call me crazy but that is a bit different than making a market in the stock..........
What I am saying is obvious to me, that this IPO was an exit method for original investors. The banks knew this, in no way was this ever supposed to be a stock with any sort of investment qualities to it, rather simply a vehicle to allow Vonage investors pre ipo to cash out of their positions before the company is bankrupt or bought out.
I think you will see in the coming weeks the NASD rules governing an IPO issue must be suitable for investment purposes have been violated and every single person who ever bought into this stock was screwed from the get go. Management and the banks all knew this.
I in no way said that they wanted to stock to plummet, I don't think they really care. Sure they would like it higher until they cash out, maybe that is why they pushed the DSP plan so hard to try to get Vonage fans (customers) to back the stock through the lockout period, because god knows that the underwriting banks are not making any sort of market for this, it is just sell sell sell all the way down the book. They wanted the stock to come to market so original investors could cash out, thats all they wanted. After investors have cashed out, they could care less about the stock. If they sell and do not have any money tied up in the stock, than what is their incentive to run the company well in order to maximize shareholder value. Right now VG looks like a classic case of the agency problem.
I am not talking about the little technicalities you point out. I am talking about breaking major NASD rules stating that a new issue has to be suitable for investment purposes. From my standpoint and what I know about this stock it looks as if an IPO was only meant as a method to allow previous investors to cash out. When all of you sent in your checks after VG fell all you were doing was sending money into previous investors so they can walk away and make a killing on this stock.
Vonage has no interest in the customers anymore, it is very obvious that they are going to get bought out or go bankrupt, so what do they care about maintaining relationships with current customers?
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 "Poor performance is one thing, but down over 40% since the IPO is just disreguard" on 06/15/2006 |
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