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The devices are
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bigtuna
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Joined: May 21, 2006
Posts: 30

PostPosted: Thu Sep 14, 2006 8:40 am    Post subject: Reply with quote Back to top

I don't know about you, but the letter I received yesterday from Duane Morris law firm says they are the attorneys for DSP, LLC which is the Directed Share Program, and they hold an assignment for all claims.

They are collecting for Citigroup (Smith Barney) for the sale of unpaid shares.

I don't think Vonage is involved in this collection action. This appears to me to be a collection law firm collecting for a broker.

The letter is dated September 6, and it says payment must be made in 10 days, which means I basically have until Saturday.
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bigtuna
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Joined: May 21, 2006
Posts: 30

PostPosted: Thu Sep 14, 2006 12:36 pm    Post subject: Reply with quote Back to top

I spoke with the law firm, and you should be able to make a settlement with them.

Another person I know will probably have the claim written off, because it was for only 100 shares and the person explained that she was on Medicare and low-income. The law firm said that they will probably write her off and that she should not expect to hear from them again. They explained that they are only really going after the people "that owe thousands".

I told them I was going to take a day to decide whether or not to accept their offer they made to me to settle, or just figure it's all a bluff.

One of friends called the law firm and accepted a 50% settlement. He said he's going to cancel his Vonage service today.
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BigTime
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Joined: Jun 15, 2006
Posts: 111

PostPosted: Thu Sep 14, 2006 8:24 pm    Post subject: Reply with quote Back to top

I again suggest not paying, or at most counteroffering 25 cents on the dollar.

In reality, if you bought IPO shares from the directed share program you have, according to the best securities lawyers in the country, been defrauded. Vonage's IPO was overpriced by more than 100%. Furthermore, there were numerous technical violations of securities laws, for example solicitations being sent out to buy shares without a link to Vonage's prospectus.

Each and every detail of the VG IPO sticks to high heavens. My guess is that one of the first things the class action lawyers who represent all of you will do is request a restraining order against Vonage from taking any collection actions.

Once you pay you may never get your money back. But certainly the lawsuit has a very good chance of protecting you.

I suggest you call up the class action lawyers and ask them if they will file requesting a Tempory Restraining Order, and fax the collection letter sent to you. Right now the law firms are probably jostling for "lead counsel" status. Being the firm that gets a TRO against Vonage is a big leg up in this fight.

Best to just hold out for a while.
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Rick123
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Joined: Sep 18, 2006
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PostPosted: Mon Sep 18, 2006 12:24 pm    Post subject: collection letter Reply with quote Back to top

I received a letter from Duane Morris demanding $1002 for 200 shares. I'm thinking I should send a letter back saying that I believe the IPO was fraudulent based on multiple SEC violations.
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bigtuna
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Joined: May 21, 2006
Posts: 30

PostPosted: Mon Sep 18, 2006 12:35 pm    Post subject: Reply with quote Back to top

Let me tell you that if you try and contest the charge with DuaneMorrise, they will tell you that you had every opportunity before the IPO to decide not to invest. Yet you made the decision and commitment to invest. Pay up the money or go to arbitration.

This is exactly what they told me when I contested the charge when I spoke with them.

So, you're welcome to argue it with them, but you'll probably be told the same thing they told me -- pay up or go to arbitration. It sounded like they were reading from a script, so it's pointless to argue with them, they're pretty set on their position in this matter.

If it goes to arbitration, obviously I won't show up, and the arbitrator or judge will find in favor of the plaintiff. Then that gives them the go-ahead to collect. If I don't pay, then they can sell the claim to a collection agency. Then the harassing phone calls start and hits on my credit report.

I'm trying to buy another house and don't need any hits on my credit, not for something I could settle and put behind me forever.

I opted to settle, which they've agreed to.

I only hope I still have options to join the class action lawsuits, which I will participate in if I'm not excluded by way of the settlement.
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audiotron
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Joined: Jun 01, 2006
Posts: 33

PostPosted: Tue Sep 19, 2006 11:10 am    Post subject: Reply with quote Back to top

and what did they settle for? what do you think the minimum will be? How many shares did you purport to purchase via the IPO?
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bigtuna
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Joined: May 21, 2006
Posts: 30

PostPosted: Tue Sep 19, 2006 12:40 pm    Post subject: Reply with quote Back to top

I was allocated 200 shares
They were sold by Citi at $10.96 per share
According to Citi, I owed them $1,208

The lawyer said they are not authorized to settle for less than 50 cents on the dollar. I agreed to settle with them for $604 and put this behind me. The lawyer is mailing me the terms of the settlement and payment instructions.
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jimbo1
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Joined: Sep 19, 2006
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PostPosted: Tue Sep 19, 2006 6:46 pm    Post subject: Reply with quote Back to top

would someone be so kind as to post the contact info/phone number I of Duane and co? I lost my letter. Do you think they can pull up the information by name, or do I need something from the letter?

thanks....
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NervesO
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Joined: Sep 12, 2006
Posts: 8

PostPosted: Sun Sep 24, 2006 12:09 pm    Post subject: How to contact Duane Morris LLP Reply with quote Back to top

Justin Joseph D'Elia
212-692-1073
jjdelia@duanemorris.com

www.duanemorris.com

Duane Morris LLP
380 Lexington Ave
NY, NY 10168
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NervesO
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Joined: Sep 12, 2006
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PostPosted: Mon Sep 25, 2006 8:51 am    Post subject: Which class action lawyers to use? Reply with quote Back to top

I got a response to an email I sent to Duane Morris in the form of a phone call. I had offered 25 cents on the dollar, which for me is about $150. He counter-offered with $450, and then I counter-offered with $200 - firm. He said his client couldn't accept that.

So, does anybody know of and have contact info for one of the class-action attorneys? I'm looking to have them issue a restraining order on my behalf.

What is everybody else who got fleeced going to do?
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