Vonage really wants to go public, but it appears institutional investors aren't too keen on the company's fundamentals, i.e. profitability looks far away. So Vonage announced it was giving its customers a chance to buy into the IPO, and now that move has taken an ugly turn. It appears Vonage has embarked on the first case of a VoIP stock spam. The company sent out mass voice mails and emails asking customers to buy into the IPO. Not a good move considering the fears over VoIP spam. Who would have thought the first case of spam would come from the provider itself? The SEC already has Vonage founder Jeffrey Citron on its radar screen over an alleged stock scam.
For more about Vonage's VoIP stock spam issue:
- read this report [1] from TechDirt Wireless
- check out this blog [2] from Silicon Valley Sleuth
Links:
[1] http://news.techdirt.com/news/wireless/
[2] http://www.siliconvalleysleuth.com/2006/05/vonage_pioneers.html