Wednesday, June 07, 2006

Vonage's IPO Lawsuit Troubles Increase

Telecomweb reports, According to Berger & Montague, Vonage "failed to disclose adequately important facts regarding certain of its senior management team, including that CEO Snyder had overseen Tyco's ADT Security division at a time when accounting improprieties in that division led Tyco to take a $600 million accounting charge, among other things, and that CFO Rego had been a senior financial officer of Winstar Communications when that company had allegedly engaged in securities fraud, accounting improprieties and false revenue recognition practices, and ultimately filed for bankruptcy."

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