Oy vey VonageAaron Pressman
Back in April 2000, just as the bubble was popping, AT&T -- still a telecom goliath at the time -- did an IPO spin-off of its fast-growing but profit-starved wireless arm. There was a fair amount of hype and it seemed like IPOs in those days were solid gold if you got shares at the initial offering price. So lots of people were clamoring to get some and the AT&T decided to let employees in on the expected bounty. But the $10 billion IPO opened up just a couple of bucks and it was practically all downhill from there. Ouch.
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