Vonage reports: Customers not duped

The Wall Street Journal opens a story with:

Vonage Holdings Corp. said customers have refused to pay for more than one million shares that they had signed up to buy in the Internet calling company's initial public offering in May.

Those million shares were worth $17.25 million when Vonage offered them in May, but the tanking stock now makes them worth less than $7 million. Meanwhile, Vonage just told the SEC that it doesn't plan to make a profit this year.

Vonage regrets not following its original plan, which was to sell customers a bucket of brine shrimp labeled "Sea Monkeys."

Vonage Customers Withhold Payment For IPO Shares [WSJ]