Vonage Holdings says it may hold customers who promised to buy shares of its IPO last week to their pledges, according to CNN and others.
What a disaster this thing has turned into. Shares came out at $17 ... they've cratered to $12.
CNBC ran a statement from the VOIP-meisters on Tuesday, interpreted to mean they'd let IPO buyers off the hook. The Times reported the story. "While all avenues are available to us we cannot imagine alienating our customers in that way," Vonage said to CNBC.
But now, the a company spokeswoman is quoted saying, "If they don't pay, we reserve our right to pursue payment."
Om Malik says the company is acting so badly it could be a shoo-in for a direct nomination for Business 2.0’s Dumbest 101 Things list. He says about 10,000 Vonage customers did sign up to buy shares at last Wednesday's offering.
Richard Greenfield, an analyst at Pali Research, suggests to SiliconValley.com Vonage's already sky-high marketing costs (estimated by Malik at about $400/per new customer) may have to go higher to make up for this customer relations disaster.