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Post new topic   Reply to topic  Vonage® VoIP Forum - Vonage News, Reviews And Discussion » Vonage Stock
Poll

What do think the odds are of a Vonage "Redo" on the IPO
Certain that They will
5%
 5%  [ 5 ]
Likely
4%
 4%  [ 4 ]
Probably Not
41%
 41%  [ 36 ]
Impossible
48%
 48%  [ 42 ]
Total Votes : 87

Author Message
blakadher
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Joined: Dec 23, 2005
Posts: 476
Location: Vancouver, WA

PostPosted: Fri Jun 02, 2006 12:22 am    Post subject: Reply with quote Back to top

btrader wrote:
Do you think the new Bloomberg article is going to increase the likelyhood that this is IPO is cancelled?

I honestly don't think there's any way they can undo or cancel the IPO. What would be the procedure by which they would do that? How would they reverse or undo the hundreds of thousands of transactions involving VG stock that have occurred over the last week? Has there ever been a modern day IPO that was undone or cancelled (cites please, no conjecture)?

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DMattingly
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Joined: May 24, 2006
Posts: 6

PostPosted: Fri Jun 02, 2006 7:10 pm    Post subject: Article Reply with quote Back to top

http://www.internetoutsider.com/

Vonage IPO: Next Up...Lawsuits?

Vonage_logo_2 Vonage continues to impress.

* It fails to sell itself before pursuing an IPO.
* It fails to drum up enough institutional interest in its IPO.
* It offers to let its customers in on its IPO--and then sticks them with overpriced shares.
* It insists on upsizing its IPO and maintaining the $17 price, hosing everyone unlucky enough to get stock.
* It says its CFO will go on CNBC to address customers who have lost more on the IPO than they've ever paid in Vonage bills.
* It realizes that this might violate quiet period rules and cancels the CFO's appearance.
* It reportedly suggests it will pacify "alienated" customers by paying for their IPO purchases--thus alienating non-customers whose underwater stock won't be paid for.

Depending on how this bizarre customer-IPO-insurance plan is effected, it seems possible that Vonage will bail out alienated customers with money just raised from non-customers, thus adding injury to insult. (Where in the "Use of Proceeds" section of the IPO prospectus does it say, "A portion of the proceeds may be used to insure customers against IPO losses"?). Given the company's phenomenal cash burn rate, such payouts will reduce the time Vonage can remain in business without another financing, thus either hastening its demise or hastening IPO-buyer dilution.

And what happens if/when the SEC forces the entire IPO to be rescinded, something that seems possible at this point? How much cash will Vonage have left in the bank? (Approx. $175 million) How long will this last? (Approx. another four months at the Q1 burn rate). Will an IPO remain an escape option? (Who knows?) If not, what will?

Meanwhile, the stock continues to tank.

UPDATE:

The WSJ reports that Vonage now says it is going to go after customers who refuse to pony up for their IPO shares. This is fair--the customers should pay--but it won't help customer relations. How exactly will Vonage force its customers to pay up? By threatening to cut off their Vonage service? By, more likely, suing them? (And thus prompting any customer who hasn't yet cancelled because of their IPO losses to cancel because of the lawsuit). And, meanwhile, how will the sued customers respond? By paying up? By, more likely, collectively suing Vonage for blowing the IPO? It gets better (worse) all the time...
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DMattingly
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PostPosted: Fri Jun 02, 2006 7:35 pm    Post subject: News Article Reply with quote Back to top

http://today.reuters.com/news/articleinvesting.aspx?type=comktNews&storyid=URI:2006-06-02T062457Z_01_N02425101_RTRIDST_0_TELECOMS-VONAGE-IPO.XML&rpc=11

Vonage customers may have recourse from IPO-WSJ
Fri Jun 2, 2006 2:25am ET10
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NEW YORK, June 2 (Reuters) - Some customers of Internet telephone service provider Vonage Holdings Corp. (VG.N: Quote, Profile, Research) who bought shares in the initial public offering last week may have grounds to seek damages or require the company to buy back shares at their IPO price, a newspaper said on Friday.

The grounds would be based on technical errors in a highly unusual offer called a "directed-share program" that allowed about 9,000 to 10,000 Vonage customers take part in the May 24 IPO, The Wall Street Journal said.

In its prospectus filed with the Securities and Exchange Commission, Vonage said an active hyperlink to the prospectus was missing in its initial e-mail to prospective participants in the Vonage Customer Directed Share Program.

As a result, Vonage said it is possible that it could be determined that the e-mail and the first page of a Web site about the IPO, vonageipo.com, could be determined to be an "illegal offer" in violation of securities laws.

Recipients could seek to recover damages or seek to require Vonage to repurchase shares at the IPO price, the Journal said.

Vonage shares debuted at $17 per share, and have since declined more than 30 percent, closing Thursday at $11.63.

The errors could complicate Vonage's efforts to hold customers to buying the shares, the Journal said. But it isn't clear that customers would succeed in arguing that the errors were significant enough to force Vonage to compensate investors, it said.

© Reuters 2006. All Rights Reserved.
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Trowski
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Joined: May 16, 2005
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PostPosted: Mon Jun 12, 2006 8:55 pm    Post subject: Reply with quote Back to top

Do you realize you can't just call "do over" on an IPO? This is not a pickup hockey game.

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cheapcalls
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Joined: May 03, 2006
Posts: 19

PostPosted: Wed Jun 14, 2006 5:17 pm    Post subject: Reply with quote Back to top

I doubt that the deal could be un done at this point.

This is going to be hit hard by class action suits. It will end up where law firms get 100 million and the customer gets coupons.

Class action suits are corp. black mail, with few rewards beyond the legal team.
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