Vonage Vows to Pursue Customers Who Renege on IPO

kamikaze-Tech writes "As its shares continued to sink following its initial public offering last week, Vonage Holdings Corp. (VG) said it plans to hold Customers who promised to buy IPO shares to their pledges. In a WSJ article posted in the Vonage Forums; a Vonage spokeswoman said Wednesday the company will pursue payment from customers who renege on their agreements to pay for the botched IPO shares. Shares of Vonage, which offers Internet-based phone service, immediately plunged from the $17 IPO price, and they closed Wednesday at $12.02 in 4 p.m. "If they don't pay, we will reserve our right to pursue payment," said Brooke Schulz. She added that speculation that the company intends to buy shares back from disappointed investors are false. "They are taking a risk if they choose not to pay," she said."

Comments

stupid bitch has it backwards

[Mean Ass Troll]

boohoohoo boohoohoo

not paying for shitty, artificailly inflated ipo shares that went down as soon as the underwriter pulled the rug from below is not taking a risk. it is taking an educated chance to prevent getting ripped off. pursuing payment is truly a chance for vonage, as they risk potential prison for allegations that will probably surface in numerous countersuits if they try and "persue payment". who does this pr shill think she is scaring/kidding?

Other way around...

[tekrat]

This is new... Usually it's the shareholders that sue the company. Now the company sues the (potential) shareholders? What's next? Buy my stock or I'll sue you? I'm aghast at these companies that think that they are entitled to money, regardless of the situation. The RIAA and the MPAA are the tip of the iceberg it seems, by suing their customer base.

Pretty soon companies will threaten consumers in televised ads "Buy our beer or we'll sue you!"... I predict GM will actually be first.. "Buy our overpriced SUVs or we'll sue you!" Isn't it Ford however that now makes their employees buy Fords if they want to park in the company parking lot?

Is there ANY tactic a company won't stoop to in the interest of profit? Like politicians, the American public grows quickly tired of being abused and lied to, it's only a matter of time before there's a huge backlash to all this insanity.

TTYL
Brian C.