Vonage is telling those folks who signed up to buy shares during its disappointing IPO in May to pay up or face legal action. Some of Vonage's customers who got in on the deal have refused to pay for more than a million shares. At its IPO, Vonage's share price was $17 but the price plummeted 13 percent on the opening day of trading. It hasn't recovered either. Trading on Wednesday was at $7.62. Letters have been sent to the delinquent payers threatening legal action.
For more about Vonage's threats:
- check out this article from Red Herring