Vonage Not Giving Customers a Break
A Reuters newswire article, via CNN/Money, reports that:
Internet telephone service provider Vonage said on Wednesday it was not buying back shares allocated to its customers to buy in its initial public offering last week, amid speculation it would allow some investors to back out.More here.
Vonage, which has seen its share price slide nearly 30 percent since its May 24 debut, had taken the unusual step of reserving some IPO shares for its customers.
It said late on Wednesday that customers allocated shares in the public offering are "obligated to purchase their share allocation from the underwriters."
"To be clear, we have not offered and are not offering to repurchase any of the shares of common stock from our customers," Vonage said in a statement.
posted by Fergie @ 6/01/2006 07:02:00 AM
1 Comments:
I will start by saying I don't like most telecommunication companies service is awful don't stay to pricing policies. Vonage excels in terrible in both these catagories. My phone is down spent 1 hour 4 days ago lining up service appt for which they didn't show. Just spent another 45 minutes of time with a rep to weasel out service for 2 days from now. This is a business line they don't care. Needless to say when I am through with getting service up and running I will no longer deal with
Vonage.
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