It seems the least the Vonage CEO could do was to resign from his position. After all, the stock price has done nothing but tank since the IPO – down from $17 to $3 in a few months – and the recent patent infringement lawsuit doesn’t help.
I bought a little Vonage stock, based on the hype and the recommendation of someone that worked for me. I didn’t do my normal due diligence and found myself catching a falling knife and losing about 20% of my investment – looking back, I got lucky that I didn’t ride it all the way to $3!!!
Vonage’s founder has taken over as interim CEO, which doesn’t bode well, seeing that he stepped down originally due to questions about his reputation.
I’ve been looking at switching to VoIP at home, but I think I’ll wait a little longer and make sure there are no other companies about to get hit with patent infringements.