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bigtuna
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Joined: May 21, 2006
Posts: 30

PostPosted: Mon Sep 25, 2006 9:16 am    Post subject: Reply with quote Back to top

I'm mailing in my settlement of 50 cents on the dollar today.

I received their agreement to the settlement by mail which says I'll be released from any and all liability once the payment has been received. Payment must be sent within 7 days.

I don't think there was anything in the letter preventing me from pursuing the class action lawsuits, so I'll probably jump on board with those and see if I can recover some of the money I just paid. Who knows, maybe I'll make a profit!
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BigTime
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PostPosted: Mon Sep 25, 2006 1:22 pm    Post subject: Reply with quote Back to top

Looks to me like the firm most on top of things is Berger and Montague. This is their contact info from their webpage. Asking them to get you a retraining order seems to be a good idea. Post their reply if they do.

Contact The Firm

Berger & Montague, P.C.
1622 Locust Street
Philadelphia, PA 19103
Telephone: 1-800-424-6690
Facsimile: 215-875-4604

For more information about the firm or any of its cases, please email Berger & Montague at info@bm.net.

For information about Investor Protect, our securities litigation group, or any securities litigation related issue, please email us: investorprotect@bm.net.
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BigTime
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PostPosted: Mon Sep 25, 2006 1:25 pm    Post subject: Reply with quote Back to top

By paying Duane Morris you do not lose your right to sue. You are automatically in the lawsuit unless you fill out the form to opt-out which you will eventually get in the mail after the class is certified.

The reason I don't think you should send in any money is that you may never get it back even if the class action wins or settles. By that time Vonage will probably be bankrupt, and a verdict in your favor won't be worth too much.

See my Vonage Death Spiral post on why I think Vonage will be bankrupt within 10-18 months.
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snhroc
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PostPosted: Tue Sep 26, 2006 1:10 pm    Post subject: Reply with quote Back to top

I got the same for a little above $1200. I sent a written reply explaining that their claim was unsubstantiated and false and have had no further communications with them.

I also yesterday subscribed to Sunrocket with a request to port my two Vonage numbers. With my international calling that $1,200 is about a year's subscription to them.

I am not about to pay $600 just because they are trying to strongarm us with lawyers, but I understand and respect that many of you would rather just put it behind you. I'm so pissed off about all this, that honestly I'd rather spend more $1200 fighting this if I have to travel to court myself than paying up.
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BigTime
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PostPosted: Tue Sep 26, 2006 4:46 pm    Post subject: Reply with quote Back to top

You won't have to spend anything to fight this. The class lawyers will defend you, and get paid out of any recovery.

You might wonder how they get paid for protecting people who don't have any losses by getting an injunction against collecting.

Two ways. If they settle, then they get paid by Vonage. If they win in trial, then they apply to the court for reasonable attorney's fees, which is their normal hourly rate multiplied by a "lodestar" to compensate them for their risk. Again it would be Vonage that has to pay.

And if the class action fails? The lawyers get nothing. But it won't fail, which is why so many firms jumped aboard. Sueing Vonage, much like shorting it, is a virtually risk-free affair.
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Edge
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PostPosted: Wed Sep 27, 2006 8:56 pm    Post subject: Reply with quote Back to top

Big Time is not very smart.

If you don't pay, you must consider that your credit could be afftected. Some of you may not care, but it is possible to have your credit score hurt (even if you eventually win a lawsuit with Vonage)

You made a contractual agreement to buy shares. It may have been a bad decision, but nobody held a gun to your head.

The proper thing to do its to pay for the shares that you requested and join the class action suit.
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BigTime
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PostPosted: Thu Sep 28, 2006 3:34 pm    Post subject: Reply with quote Back to top

The proper thing is to pay an debt owned to someone who defrauded you? I don't think so.

Those who paid right away, I note, are worse off than those who waited, who can now pay 50 cents on the dollar.

Paying now is just supporting a fraud. IPO investors who held since the IPO to now have lost $10.30 cents per share so far. Those who didn't pay up so far have lost nothing, and those who settled for 50 cents lost about $2.50 a share, assuming "their shares" were sold at 12 by the broker.
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audiotron
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Joined: Jun 01, 2006
Posts: 33

PostPosted: Fri Sep 29, 2006 7:54 am    Post subject: Reply with quote Back to top

BigTime has it exactly right. Now that the lawfirm is settling for fifty cents on the dollar it is probably worth it to most people to settle. Most people were allocated 100 shares and this equates to no more than 300. Isnt 300 worth the trouble of not having to defend yourself at arbitration? Driving to the arbitration. Wasting your time. I think it would be.

Those that paid right away are a bunch of suckers. If I owed more than 5k I would not settle at all and go full steam ahead to arbitration.

And this notion about "holding a gun to your head" crap is just that. a red herring. This has nothing to do with duress or force. It has everything to do with being defrauded.
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NervesO
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PostPosted: Mon Oct 02, 2006 11:46 am    Post subject: All I could get Duane Morris down to was 75 cents... Reply with quote Back to top

...on the dollar. Can somebody who got it down to 50 cents send me something to substantiate that?

BTW, here is the response I received from Berger-Montague...

Thank you for your call regarding the Vonage securities class action litigation. This is our response.



As our assistant told you during that call, no class has been certified in this securities litigation against Vonage and related defendants. It will be up to the court whether to certify any class and, if so, what the class may be. We also of course cannot guarantee that we will be successful in prosecuting this litigation or obtaining any recovery. In fact, courts have dismissed many securities class action cases even before there are any proceedings relating to class certification, and even thereafter. However, the complaint our client has filed proposes a class that includes all similarly situated Vonage IPO investors who were damaged, including those who participated in the Directed Share Program and other investors. You can access the complaint on our website, www.bergermontague.com, for a detailed description of the class action allegations (i.e., which investors are proposed to be included in the proposed class), and the legal and factual claims.



You should understand also that we of course cannot advise you one way or another regarding your individual transactions or proposed transactions in or related to Vonage stock -- that depends on your own communications, dealings and understandings with Vonage and the brokerage firm at which you maintain an account, among other things. This also includes all of your individual circumstances regarding the collection letter that you said that you received from the Duane Morris firm in connection with Vonage shares that you allegedly purchased through Vonage’s Directed Share Program. Again, along those lines, we can neither advise you regarding any of your specific transactions or the Duane Morris letter you indicated you received, nor can we advise you as to whether you will qualify as a member of a class in this litigation if one is ultimately certified by the Court, or what effect those collection efforts may have on your potential claims or on you personally. Instead, what steps you do or do not take in connection with your individual transactions in Vonage shares and the Duane Morris collection letter should depend on your own specific dealings with Vonage and your brokerage firm, among other things, and you may want to obtain separate legal counsel to help you regarding those issues.



As for the pending Vonage securities class actions, it is up to the court to appoint the person(s) or entity(ies) that will serve as the lead plaintiff(s) in this litigation, and to then also approve that lead plaintiff(s)’ choice of lead counsel. That lead counsel may or may not be our firm. Therefore, you should continue to stay abreast of any developments in this litigation through the internet and other media sources as you may desire. Once a lead plaintiff and lead counsel have been appointed, you should contact the lead counsel for status reports on the progress of the litigation.



Again, thank you for contacting us.



Sincerely,

Lane Vines










PRIVILEGED ATTORNEY/CLIENT COMMUNICATION AND/OR ATTORNEY WORK PRODUCT. The information in this transmittal may be privileged and/or confidential. It is intended only for the recipient(s) listed above. If you are neither the intended recipient(s) nor a person responsible for the delivery of this transmittal to the intended recipient(s), you are hereby notified that any distribution or copying of this transmittal is prohibited. If you have received this transmittal in error, please notify Berger & Montague, P.C. immediately at (215) 875-3000 or by return e-mail. Pursuant to requirements related to practice before the U. S.Internal Revenue Service, any tax advice contained in this communication (including any attachments) is not intended to be used, and cannot be used, for purposes of (i) avoiding penalties imposed under the U. S. Internal Revenue Code or (ii) promoting, marketing or recommending to another person any tax-related matter.
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NervesO
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PostPosted: Mon Oct 09, 2006 8:19 am    Post subject: Who got Duane Morris down to 50 cents on the dollar? Reply with quote Back to top

Could you post details about that?

TIA,
NervesO
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