Last Night Had 0, Tonight Have 1300?

Posts: 13 · Vonage Forum Associate Joined: May 23, 2006 Posts: 13

So, last night I logged onto my Vonage IPO account and was unceremoniously informed that of the 5000 shares I made a conditional offer on, I was allocated ZERO. This was around 8:30/9:00pm.

Tonight, on a whim and I don't even know why, I logged back onto my IPO account...and it miraculously changed to say that I've been allocated 1300 shares, and owe 22,100.

Has this happened to anyone else? I have to decide whether to fight it or consider it divine providence, buckle my seat belt and go for the ride.

Thoughts?

Posts: 80 · Vonage Forum Senior Joined: May 24, 2006 Posts: 80

Ouch... That is cruel.....

It seems those who wanted 5000 shares got 1300, so I guess it was just a glitch yesterday when they showed that you got 0.

Still, after a day like today, not a pleasant discovery.

Posts: 13 · Vonage Forum Associate Joined: May 23, 2006 Posts: 13

Well, my question is do I have a leg to stand on to fight it? Had I known I received 1300 I would have watched what the market did today. Maybe I would have chosen to hold, maybe I would have chosen to sell, but as it stands, I didn't even have that choice. I don't know what to think or do.

Posts: 80 · Vonage Forum Senior Joined: May 24, 2006 Posts: 80

I hope you can get this issue resolved as desired, and for the amount of money involved, there would be no harm in trying to get the transaction reversed. Obviously there is also the opportunity that the stock might rebound and make this a moot point either way.

While I am not a lawyer, I would think this would be a hard legal argument to make though, especially since you will most likely be unable to produce concrete evidence that you were told last night that 0 shares were allocated to you.

I wish you the best of luck!

Posts: 13 · Vonage Forum Associate Joined: May 23, 2006 Posts: 13

I can't be the only person this happened to. If anyone else had a likewise experience, please let me know.

Posts: 3 · New Forum Member Joined: May 23, 2006 Posts: 3

People last night were saying that when they first logged in it said 0, but after they logged out and back in again, it showed their true allotment. Unless you logged in more than once last night, this is probably what happened to you.

Posts: 2 · New Forum Member Joined: May 19, 2006 Posts: 2

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

This happened to others as well, they have either rebooted or returned to the site once again to see their page refresh.

You requested 5000; if you followed the IPO thread here you have probably noticed others getting 1300 shares per each 5000 share request. I don't think you have much choice but to mail your payment and either sell everything tomorrow or hold on to it long term.

I initially requested 1000 shares myself but withdrew my offer on Sunday; I had to trust my gut instinct on this one.

Posts: 409

nshreiber wrote:

So, last night I logged onto my Vonage IPO account and was unceremoniously informed that of the 5000 shares I made a conditional offer on, I was allocated ZERO. This was around 8:30/9:00pm.

Tonight, on a whim and I don't even know why, I logged back onto my IPO account...and it miraculously changed to say that I've been allocated 1300 shares, and owe 22,100.

Has this happened to anyone else? I have to decide whether to fight it or consider it divine providence, buckle my seat belt and go for the ride.

Thoughts?

Probably somewhere in the depths of all the fine print you will see you are poo out of luck... Sounds like a refresh error... But you could get free legal advice... I forget what thats called now..

Posts: 409

maryjane wrote:

nshreiber wrote:

So, last night I logged onto my Vonage IPO account and was unceremoniously informed that of the 5000 shares I made a conditional offer on, I was allocated ZERO. This was around 8:30/9:00pm.

Tonight, on a whim and I don't even know why, I logged back onto my IPO account...and it miraculously changed to say that I've been allocated 1300 shares, and owe 22,100.

Has this happened to anyone else? I have to decide whether to fight it or consider it divine providence, buckle my seat belt and go for the ride.

Thoughts?

Probably somewhere in the depths of all the fine print you will see you are poo out of luck... Sounds like a refresh error... But you could get free legal advice... I forget what thats called now..

Free Consultation

Posts: 13 · Vonage Forum Associate Joined: May 23, 2006 Posts: 13

Well folks, I'm the one who logged in to Vonage IPO at 8:30/9:00pm on Tuesday night 5/23, was told I had zero shares, and didn't find out I they had changed the allottment so that I had 1300 shares until the evening of 5/24, after the market closed. I'm fighting it. Anyone who had a similar experience who also wants to fight, please be in touch. Below is a letter I sent my broker at Smith Barney. The correspondence with the gentlemen who had a similar experience is not pasted below.

Thanks.

- - -
Hello.

We've spoken twice so far this morning with regard to the complete fiasco that has been my experience with the Vonage IPO.

Below is an email correspondence I've had with a gentleman who had the same experience with the Vonage IPO website that I did, namely when he logged on to www.VonageIpo.com on the evening of 5/23/06 to check how many shares he had been allocated, the Vonage IPO website told him 0 SHARES FOR $0.00.

The longer this goes on, the more completely and totally outraged I become.

I understand it's not your fault that the Vonage IPO website told me I was allocated 0 SHARES FOR $0.00. BUT-- by the same token, it is certainly not MY fault that I followed all of the instructions the Vonage IPO website gave me-- to a "t" -- and I was categorically, undeniably, in BIG RED LETTERS told I received NO SHARES.

Is it unreasonable that upon being told I received 0 SHARES FOR $0.00 I then thought to myself "I have received ZERO shares, I own ZERO shares, I owe ZERO dollars"? Is that unreasonable? NO. It is not.

And had I known that when the Vonage IPO website said "You have been allocated 0 SHARES FOR $0.00" what they actually meant to say was "You have been allocated 1300 shares for $22,100.00", well. Suffice it to say, I would certainly have WATCHED was the stock did yesterday, and made a decision to buy, sell, or hold based on the market activity. The Vonage IPO site should be able to attest to the fact that I logged in around 8:30/9:00pm on 5/23, and that I didn't log in again until around the same time on 5/24. On 5/23, I was told I had been allotted ZERO SHARES. On 5/24, (which P.S. I LOGGED IN AGAIN ON A TOTAL WHIM, -- I ABSOLUTELY SHUDDER TO THINK WHAT IF HAD NEVER CAUGHT THIS MISTAKE AT ALL) I was told 1300 SHARES-- told this after a full day of trading that I didn't even watch because I didn't think I had to because I was told I had NO SHARES.

I am going to repeat that last sentiment, because it is very, VERY important: I did not watch what Vonage Holdings did in the market yesterday, 5/24/06, because I was TOLD by the Vonage Website on the evening of 5/23/06 that I was not allocated any shares. None. ZERO.

NO WHERE in the prospectus or on the Vonage IPO website did it say anything even remotely to the tune of "Once your allotment notice has been posted, be sure to check back/refresh/reboot/etc because our website might have a glitch and therefore it might tell you you've been allotted ZERO SHARES when actually you've been allotted THIRTEEN HUNDRED." Obviously in that example I've used some outlandish language to further stress the point, but you catch my drift. There were no disclaimers or caveats or ANYTHING to suggest that once I was told I had been allocated ZERO shares, I was to think anything other than I had been allocated ZERO shares.

I request immediate confirmation and memorialization from Vonage Holdings and/or Smith Barney confirming that as I was told I received no shares, I am under no further obligation, financial or otherwise.

Regards,

NS