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HOLMDEL, N.J., June 8, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Vonage Holdings Corp. (VG), a leading provider of broadband telephone services, announced that it has become aware of two putative class action shareholder lawsuits filed against the Company, several of its officers and/or directors and the firms who served as its underwriters in its initial public offering in the United States District Court for the District of New Jersey. The complaints assert claims under the U.S. Securities laws on behalf of a professed class consisting of all those who were damaged as a result of acquiring the common stock of Vonage in connection with the Company's initial public offering ("IPO").
The complaints allege, among other things, that Vonage omitted and/or misstated certain facts concerning the IPO's Customer Directed Share Program. One of the complaints additionally claims that the IPO prospectus allegedly contained misrepresentations or omissions concerning various Vonage products, including facsimile transmission capability. The Company has not yet been served with a copy of either complaint.
Vonage does not plan to comment on these or any similar lawsuits that may be filed against the Company, but will contest the allegations vigorously and address them through the appropriate legal process.
(vg-a)
About Vonage
Vonage (NYSE: VG) is a pioneer in the Internet telephony industry. The award winning Vonage(R) service is sold on the web and through national retailers. For more information about Vonage's products and services please visit http://www.vonage.com. Vonage Holdings Corp. is headquartered in Holmdel, New Jersey.
Statements in this press release that are not historical facts or information may be forward-looking statements. These forward-looking statements are based on information available at the time the statements are made and/or management's belief as of that time with respect to future events and involve risks and uncertainties that could cause actual results and outcomes to be materially different. Important factors that could cause such differences include, but are not limited to, our history of net operating losses and our need for cash to finance our growth; the competition we face; our dependence on our customers' existing broadband connections; differences between our service and traditional phone services, including our 911 service; uncertainties relating to regulation of VoIP services; system disruptions or flaws in our technology; our ability to manage our rapid growth; the risk that VoIP does not gain broader acceptance; and other factors described in our registration statement on Form S-1, as amended, and in our subsequent periodic reports filed with the SEC.
SOURCE Vonage Holdings Corp.
Mitchell Slepian of Vonage, +1-732-528-2677, mitchell.slepian@vonage.com
http://www.prnewswire.com
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