Another Day, Another Angle To Vonage's Bungled IPO

from the i-p-oops dept

Every day seems to bring yet another tale of ineptitude from Vonage's horrifically performing and poorly executed IPO. It began with reports of bugs in the share allocation process and then went to a flip-flop on whether or not disappointed customers would actually have to pay for the shares they'd committed to purchase, but it's a little older issue that's the source of the latest story. Vonage got dinged for a technical violation when it solicited its customers with an offer to get in on the IPO, and the company now says those errors could make the sale an illegal offering, allowing buyers to claim damages or get the company to buy back their shares. The company claims it has a strong defense against such charges, but it's inevitable that this whole thing is going to end up in court -- assuming the naysayers aren't right and Vonage can stay in business that long. This IPO has pretty much been a mess from top to bottom, and it's a fair question to wonder how much good it's ultimately going to do the company.

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  1. identicon
    Inpsector Gadget, 3 Jun 2006 @ 5:47am

    Vonage Shills

    Notice that the glowing comments for Vonage all get posted within a minute or two of each other under different names? Seem suspect?

    I used their service for about 9 months with no hassle. Then I added a second line and everything went to hell. Their customer service is very difficult to communicate with and incompetent. Teir 2 tech support was good and helpful but took forever on hold to get to, and I had to go through the moronic customer service people first. One time I was "honored" with a call from a Teir 3 support person who didn't even know what the problem was.

    These guys suck, big time. This has all transpired within the last two months, so anyone posting that right now their customer service and tech support is great is clearly lying, probably a company shill trying to save their image everywhere they can. If you don't believe me, call their 800 number and follow the instructions as if you are an existing customer with a problem. Of course if you're a new customer you get connected right away.

    Boneage is good, but Goneage is even better. The product has potential, they just can't deliver. If they would spend the IPO money to fix that, they probably could get rich, but instead the story is that it's all going into an ad campaign, which means they'll be gone within 18 months, probably acquired.

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