Yes, Vonage truly sucks.
On its first day of trading on the New York Stock Exchange, shares in the company slid to $14.85, almost 13 percent below the initial offering price of $17. Losses continued on Thursday as shares closed at $13. Many on Wall Street have predicted the stock could finish the week in single digits.
There’s not much to “WooHoo” about for Vonage Holdings’ (NYSE: VG) investors today after a lackluster IPO debut on the Nasdaq. In recent trading, shares of Vonage were down about 12% from the $17 IPO price, making it one of the worst IPOs of the year.
Internet telephone service provider Vonage Holdings Corp., stung by the year’s worst initial public share offer, plans to reimburse underwriters if customers who were allotted shares did not pay for them, according to media reports.
About 15 percent of Vonage’s 31.25 million shares were offered to about 10,000 Vonage customers, who had until May 30 to open an account to pay for the shares at $17 per share, according to a report on the New York Times Web site.
Now Vonage may be stuck with the bill as some customers are reluctant to pay for their shares, the Times reported.
Vonage, I have two words for you – *HA HA*. See what happens when you have such lousy customer service?
It’s all freakin’ karma, man… 🙂