It sure is vogue to point at the Vonage (VG) IPO and let fly with the ‘I told you so’s’.
I’m angry though. Not at Vonage – I’m actualy impressed with their (really, their brokers) ability to get the deal done. What I am angry about is how some are now saying that the consumers who agreed to buy shares shouldn’t have to pay.
From IP Democracy, on Vonage pursuing customers for non-payment for issued IPO shares.
Memo to Vonage: Don’t do that. Not only will the 9,000 or so customers who purchased the stock because you pitched them via emails and voice mails quit your company (if they havenâ€™t already), but the bad press is just not worth the cash.
This is totally ridiculous. Regardless of the IPO performance, these people are on the hook to pay up, just as they would be if they refused to pay their Vonage bill itself.
They didn’t purchase the stock because they were ‘pitched’ they purchased it because they either:
In either case, these consumer stockholders should accept the outcome. If the ‘press’ was sensible they would be offering ‘bad press’ towards the customers refusing to follow through on a contract rather than the busted IPO Vonage story. I hope Vonage drills these non-paying folks to the wall, then drills the attorneys who inevitably will come after them.