Two class action lawsuits have been filed against Vonage, alleging that the company filed a misleading S-1 with SEC. In a lawsuit, Lockridge Grindal Nauen alleges that “both the Company and Company insiders were losing money, and these insiders, desperate to execute an exit strategy for themselves, embarked on an illegal course of conduct to sell shares of the Company in a public market.”
The complaint also alleges that Vonage’s decision to pre-sell 13.5% of the Vonage IPO shares to customers is in violation of NASD Rule 2310. Pomerantz Haudek Block Grossman & Gross, in a class action suit filed last week, makes similar contention. Vonage stock is now trading at $8.59 a share, down from its IPO offering price of $17 a share.
Actually, there have been 15 class actions filed against Vonage so far…I’ve been tracking them on my blog. I just updated the list today. See: http://blogs.barrons.com/techtraderdaily/2006/07/03/vonage-vg-class-action-tracker-hits-15/
Vonage stock dives deeper, down almost 5% in early trading…
Just when some might have thought Vonage was starting to stablize, news of a couple class action lawsuits broke and today the stock [symbol: VG] has dove almost 5% reaching below $8 for the first time (at least from what I’ve seen). The historic…
Om
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I signed up with Vovage phone company and got a new Internet account with Verizon. Niether the phone or DSL worked from that moment until now 4 months later. I have incurred overcharges from my cell phone because I had no landphone. I called both Vonage and Verizon for help without successful results. I would like to join a class action suit for unahppy customers of Vonage. They are also hoding my phone number hostage and I need that number as it is on all my business ccards.
i also would like to join the class action. we were going to go with vonage, but the box would not hook up to our phone. they kept billing my account for the money, and everytime we called they said they could not find our account to cancel so we disputed the charges for 6 months then had to cancel the card they were billing it too. now they have sent us to collections. this company sucks bad. we have never used their service.
Vontage is currently holding my business line hostage for 5 days. I am a business without a phone. Basically all my adverstising and clients have this one number. Business has dropped 80% in just a few short days. They will not release the number or even open it in vontage so I can then transfer it. I am screwed. I am a single mom without any support and I have lost thousands of dollars in one week only. I am going to sue. Any known suits open thus far?
I would like to join a class action suite because they have continued billing me after my phone service was switched and won’t refund the $100 they owe me in over billing.
Their party line is they continue charging until the customer calls to cancel service. Since customers don’t received a bill except 1 line on their credit card bill, they are ripping off existing customers frequently.
I was also very disappointed that it took Cavtel approximately 3 months to get my incoming phone calls transferred from Vonage to them.
Same here. Where’s the Consumer fraud lawsuit. I’d like to be a part of it too. I was looking for a better deal. called on the 28th day, but decided to look into a dry line for internet access like they suggested (dumb of my. Called them Monday AM (DAY 31), they were going to charge me $90+ for cancellation and keep the $26 I’s originally sent them. The ONLY way to save a little $$ was to allow them to take out $24/month for 3 months. I went for it.. I called to cancel on the day they told me to (2 months later) and it was a nightmare from then on… RIDICULOUS!!! Also, LOOOONNNNNGGGG Hold times and HANG UPS!! OH YEAH!! Great marketing ideas for sure. They’re a bunch of idiots!! I’m glad they got caught by someone. Traci
I want to join a law suit against them as well. I fell for the $24.95 hook. I explained that i need this for a dedicated fax line. They assured me that they could handle it. After 5 hours on the phone with the tech department they told me that my fax line was to fast and i needed to switch back to my previous carrier. Simple enough until i tried to cancel my service. I keep getting billed and have asked twice to cancel my service. They have also explained to me that i will be charged another $97 as a disconect fee. I contacted my credit card company to dispute the charges. That compay sux. I want to sue them as well.
Please post if you have had similar problems with them. My credit card company’s was “another unhappy Vonage customer”
es
I am also being charged by Vonage for a cancelled line. I called in March to cancel. The number was ported. I was told I needed to call again to “actually” cancel and I did. They are saying they have “no record” of the second call and refuse to refund charges that occurred AFTER I CANCELLED AND AFTER MY NUMBER WAS PORTED. These people need to go DOWN and I want to be part of a class action suit to hopefully either put them out of business or change their executive staff to some people with business integrety. I can’t see how they sleep at night. It almost seems that they are just getting every dollar they can to run with when the company folds. I don’t know that, but it sure sounds like it.