Last Night Had 0, Tonight Have 1300?

Posts: 13 · Vonage Forum Associate Joined: May 25, 2006 Posts: 13

Got 500 post-allocated to me. Nice trick. I will be fighting it as much as I can. Incredibly irritated right now.

I'll post back with any new info. Please do the same.

Posts: 6 · New Forum Member Joined: May 23, 2006 Posts: 6

I am not a lawyer, but here is my gut feel as to how the best way for this to work out would be:

My assumption is that the Vonage IPO website and the 3 brokerage accounts are separate. My guess is that since you submitted the conditional offer, that would stand as you wanting to own the shares at the IPO date - you are bound by that, all the way up to the maximum amount of your condition offer. Website snafus do not change that fact.

However, the fact that you were incorrectly told that you had no shares caused you to not watch the market, and lose money.

The problem most likely was not with any of the 3 brokerages, but with whomever is responsible for the Vonage IPO website. My guess is that you will owe money to UBS / Smith / Alex for the IPO shares you committed yourself to purchasing (this purchase price does not change), but you can then potentially form a lawsuit against the company running the Vonage IPO website for losses incurred from what you could have reasonably sold your stock for that first day. Even that would likely be hard to prove, and would be some fractional difference between the low and the high for the day.

Best of luck.

Posts: 13 · Vonage Forum Associate Joined: May 25, 2006 Posts: 13

I've got cache of the "0 shares" pages thanks to Google Desktop. Dunno if that will help tho.

Posts: 13 · Vonage Forum Associate Joined: May 25, 2006 Posts: 13

Artur wrote:

I believe you were viewing a cached version of the page, had you hit F5 you would have seen your 1300 share allotment.

No, that is impossible. Previous the the allocation it said "allocation imminent, check back soon" or similar. It could never have cached "0 shares" becuase it didn't say 0 shares until after the allocation. Further, when it finally did show, in disbelief I hit refresh again.

Posts: 11 · Vonage Forum Associate Joined: May 20, 2006 Posts: 11

If any of you guys ever invested before, I'm sure there will be a lawsuit. It'll be factless, baseless, and probably not get anywhere, but any stock that goes down in the market has someone suing someone for something that someone else did or not did. Wink

As long as we have a few attorneys in the US (yes, meant as a joke), and as long as we have stocks that don't always go up, we'll have lawsuits.

Who knows, maybe in the end the attorneys will end up with $667k (they will ask for $2MM) and each person will get a free month of Vonage! For those wondering what I mean, see Netflix, not making this stuff up.

-Mark

Posts: 25 · Vonage Forum Junior Joined: May 25, 2006 Posts: 25

I find it troubling, that, after jumping through all the hoops, researching and choosing a broker through Vonages' "Customer Directed Share Program, making an offer, only to be snubbed in the final hours...
what a joke, it doesn't take a genius to figure out, they just wanted to hype the stock, and had no intention of selling to the little fish in the pond, when they could go after the big bucks already waiting in the wings...I am not the only one, as I have contacted more than 20, YES, TWENTY, other subscribers and all had the same response: at zero hour, they were left with 0 shares.

I guess God works in mysterious ways, because it doesn't look as if Vonage will be able to keep up with the rest of the sharks in business.
Love the service, but this last little hurrah left a really bad taste in my mouth.

Posts: 2 · New Forum Member Joined: May 22, 2006 Posts: 2

It happened to me too. Can understand that the Refresh button would take care of this but had no reason to use it.

Posts: 9 · New Forum Member Joined: Mar 21, 2005 Posts: 9

boerewors wrote:

It happened to me too. Can understand that the Refresh button would take care of this but had no reason to use it.

It wasn't a refresh problem. The original page didn't show number of shares just a note to check back later. Once the allocation happened the page was updated to show the number of shares allocated. In their case it told them they were allocated 0 shares. The website operators must have fixed the glitch after the fact and corrected the share allocations.

Has anyone approached the news writers that have already covered the Vonage IPO about this?

Posts: 25 · Vonage Forum Junior Joined: May 25, 2006 Posts: 25

jeffml wrote:

boerewors wrote:

It happened to me too. Can understand that the Refresh button would take care of this but had no reason to use it.

It wasn't a refresh problem. The original page didn't show number of shares just a note to check back later. Once the allocation happened the page was updated to show the number of shares allocated. In their case it told them they were allocated 0 shares. The website operators must have fixed the glitch after the fact and corrected the share allocations.

Has anyone approached the news writers that have already covered the Vonage IPO about this?

I agree, I agree, unfortunately, something very wrong is going on, this isnt the first time the former CEO is involved in controversy, as was spelled out in the revised prospectus...live and learn

Posts: 2135

nighthawk wrote:

this isnt the first time the former CEO is involved in controversy

Are you suggesting that Jeffrey planed out a cache problem intentionally? Please...