The price closed at $14.85, a decrease of 12.7 percent, the worst trading day for any IPO in 2006 up to that point. However, the existing customers who lost money filed a class-action lawsuit.
The firms underwriting the IPO, Citigroup, UBS, and Deutsche Bank, were fined a total of $845,000 and ordered to reimburse customers for "failure to adequately supervise communications" with investors.
Features for Vonage home phone residential service includes voicemail transcription; 411 calling; caller ID; call waiting; do not disturb; and a network availability feature which forwards all calls to a mobile phone if Internet connectivity is lost.
Vonage customers must have a broadband Internet connection, such as cable Internet service or DSL, through an Internet service provider (ISP).
For business customers that rely on high quantities of voice, video and data communications in their day-to-day operations, Vonage provides Quality of Service over its own private Multiprotocol Label Switching (MPLS) network and via a Software Defined Area Network (SD-WAN) product.