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Post new topic   This topic is locked: you cannot edit posts or make replies.  Vonage® VoIP Forum - Vonage News, Reviews And Discussion » Vonage Stock
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PostPosted: Thu Jun 01, 2006 7:10 am    Post subject: Vonage to IPO buyers: Pay up Reply with quote Back to top

Vonage to IPO buyers: Pay up

Stock price down 30% in a week
Posted by the Asbury Park Press on 06/1/06
HOLMDEL — Since Vonage Holdings Corp.'s initial public offering of stock last week, shares have tanked, dropping nearly 30 percent.

And now, according to reports, some Vonage customers are having second thoughts about following through and paying for shares they agreed to purchase at the IPO price.

Not so fast, Vonage said Wednesday.

"Customers are obligated to pay for their shares if they were allocated shares in the Vonage Directed Shares program," spokeswoman Brooke Schulz said. "We're not buying back shares."

Underwriters set aside 13.5 percent of last week's $531 million IPO for customers at the offering price of $17 per share. But shortly after trading began on May 24, shares fell, dropping to $14.85 the first day. The stock closed at $12.02 Wednesday, down 48 cents.

No one is saying how many customers who received IPO shares have refused to pay for them.

"If the customer that was allocated shares chooses not to pay, they are taking a risk because we are reserving our right against them to pursue payment," Schulz said.

Vonage's position on Wednesday seemed different than the one it took earlier in the week.

In a statement to CNBC earlier, Vonage said that while all options are open, it did not want to alienate customers. If certain customers who took part in the company's Directed Share Program "don't pay, we expect to repurchase shares from the underwriters if necessary," it said. The statement was reported on a CNBC Internet blog.

The company made a similar statement in a U.S. Securities and Exchange Commission filing before the IPO. Vonage said it has "agreed to indemnify the underwriters" from costs if customers refuse to pay for their shares.

Based in Holmdel, Vonage provides local and long-distance telephone service over the Internet using a technology called Voice over Internet Protocol, or Voip. The technology gives customers who have a high-speed Internet connection a less expensive way to make telephone calls.

Vonage customer Steven Queroli of Middletown, who purchased 1,250 shares at the IPO price, said he has not yet paid for them.

"In general, I would send my money in," Queroli said. "There was an agreement that I would do that. I accepted that risk."

In an online forum at, investors posted angry comments about the IPO. Some criticized underwriters for not pricing it properly.

"Just ordered a stop-payment online with my bank for the check I wrote to Smith-Barney," said one poster going by the name of "bigtuna." "Hope my bank catches it in time."

"This is no way to thank your customers," wrote a poster who had the moniker "dnyc." "Now they are compounding my anger by offering to indemnify those that do not pay for their shares and buying back from the underwriters."

In an interview Wednesday, Scott Rothbort, a professor of finance at Seton Hall University, said Vonage has to win investor confidence.

"The company has zero credibility right now," said Rothbort, who is president of Lakeview Asset Management LLC in Millburn. "Now the question is, can Vonage deliver after they basically fumbled the IPO."
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PostPosted: Thu Jun 01, 2006 7:54 am    Post subject: Re: Vonage to IPO buyers: Pay up Reply with quote Back to top

Got this e-mail from Vonage Investor Relations this morning...

Vonage Investor Relations wrote:
Dear Vonage Investor:

We would like to clarify certain aspects of our Customer Directed Share Program (Customer DSP). Pursuant to the terms and conditions of our Customer DSP, we agreed to sell to you, through our underwriters, and you agreed to purchase, the number of allocated shares set forth in your Customer DSP account at

To be clear, we have not offered and are not offering to repurchase any of our shares of common stock from our customers.

For further information on our Customer DSP, including our obligations to our underwriters to cover certain of their losses, please see our prospectus, which can be found by clicking here or by visiting


Vonage Investor Relations

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PostPosted: Thu Jun 01, 2006 7:56 am    Post subject: Reply with quote Back to top

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.
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PostPosted: Thu Jun 01, 2006 9:06 am    Post subject: Free Falling Reply with quote Back to top

Welcome to another trading day fellow investors. Looks like another day of free falling VG shares.
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PostPosted: Thu Jun 01, 2006 9:24 am    Post subject: Reply with quote Back to top

Have to see where Vonage is trading after 30 days (you have to wait 30 days after an ip to be able to short a stock) but it may be a great short if you get in early. After this debacle and a management who has below zero credibility, has done everything wrong in the pre and post ip process (and will soonbe tied up in court for years), no one will ever buy this company except for pennies, and we know if there's no buyout this stock is going to zero. Just think about how much lower this stock is going when it's shortable. Single digets are around the corner, zero in a couple of years.
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PostPosted: Thu Jun 01, 2006 9:34 am    Post subject: Reply with quote Back to top

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