Vonage How not to do it

A company such as Vonage deserves underwriters’ deepest scrutiny. After all, its founder Jeffrey Citron was banned from the securities industry for life by the Securities and Exchange Commission for a previous venture. So one would have thought Citigroup, Deutsche Bank and UBS had crossed every t and dotted every i before bringing Vonage to market - or even passed on the opportunity entirely. Instead, the banks put their names to a badly priced and controversially-handled float. With Vonage’s s...