Vonage Stock Decline Because Of 'Naked Shorting'?

Posted: Jun 9 2006, 7:49am CDT | by , Updated: Aug 10 2010, 5:46pm CDT, in News | Other Stuff

Vonage Stock Decline Because of 'Naked Shorting'?
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If you followed the Vonage IPO story you know that their IPO was not that great. Shares are trading around 30% under the initial share price of the IPO.

News appeared today on the Wall Street Journal that the New York Stock Exchange is investigating if short sellers are the reason for the steep decline.

Short Sellers bet that the stock declines. There are rules around that practice. There is apparently a suspicion that 'naked shorting' took place. Naked means that the seller does not have the actual shares or any means to get them. It gets more complicated beyond that. I guess it is best to wait if something comes out of this. Vonage customers who took Vonage's offer to buy shares for the IPO price are not very happy at the moment. Maybe this activity can have some positive impact on the stock.

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The Author

<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Luigi Lugmayr () is the founding chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com.




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