Wow!! Vonage always seems to be featured in my blog but always for wrong reasons. Can't help it!

Now angry shareholders of Vonage have gone ahead and filed a class action lawsuit against the company. The reason: Securities law violated by the company by making false and misleading statements about company's financial condition in its prospectus.

The reasons for this law suit are pretty obvious:

• The IPO was highly priced
• The debacle of the share on the bourses.
• The company insisted that it would not be offering to repurchase the shares from the customers.

The law suit accuses Vonage of implementing the directed share program which made up 13.5 % of the public offering as a way of boosting appetite for Vonage shares.