Unless you’ve been under a rock you have probably heard that Vonage (VG) went public Wednesday. It’s off 25% as of right now.
Seeking Alpha summarizes the recent opinions here.
I wrote back in February what I thought about Vonage. Nobody liked it then, nobody liked it Wed. morning, yet Deutsche Bank and Citibank managed to rally the throbbing VoIP masses to get this deal done.
This is a case where they certainly earned their fee with a spectacular sales job.
I’ll be the first to call it – the class-action attorneys are going to try and monetize the Vonage customer class of shareholders that took 13.5% of this deal. Vonage used tactics of a bucket-shop, pitching yours truly by email, voicemail, and snail mail. Fair? No. Reality? Yes.