Since going public several months ago Vonage's stock hasn't been friendly to shareholders. The stock's high was $17.25 and the low was $6.30. And it is now trading at $7.68.
On its IPO, Vonage spread its anti-shareholder philosophy to its customers, allowing them to buy shares in the offering. In hindsight it turned out to be one of the biggest blunders in IPO history.
It was no surprise that some of these investors did not want to buy these shares.
But that's no excuse for Vonage. After all, as the old saying goes: a deal's a deal.
Now Vonage's high-paid attorneys have sent out collection letters to these customers (although, my guess is that they are now former customers). The message is simple: If you don't pay-up, you'll get served.
Now, how's that for customer service and building a brand? Yes, it should be no surpise that the stock has been a dog.
Tom Taulli is the author of various books, including the Complete M&A Handbook and operates InvestorOffering.com.
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