Tuesday, April 24, 2007
Vonage's Laundry List of Liabilities
This is a great line from 24/7 Wall St.: "If you look through the Vonage Holdings' annual report just filed with the SEC, you might end up asking yourself if the company is just an accounts payable entity that funds lawyers and trials rather than the company being a VoIP telephony provider." Vonage is facing over 15 lawsuits including patent fights with VZ, Sprint, Web Telephony, and Klausner. Plus stockholder and IPO lawsuits. Plus State AG's for false advertising and E-911 failure. FCC Order on its E-911. It goes on and on. What a disaster! It reminds me of when Covad went BK and the then-CEO said that his biggest hurdle was the RBOC's. DUH! When you advertise that you are a voice replacement service, you better be a pure replacement - 411, 911, YP, LNP, etc. It's almost criminal how screwed up this company is.