Trouble on the Line for Vonage?

The Net-phone service gave its customers the opportunity to buy shares in its IPO. Now, with its stock swooning, it may have trouble collecting

When Vonage Holdings was preparing for last week's initial public offering, it made an unusual appeal to its customers. The Internet phone service provider set aside shares in the company for customers, and aggressively marketed the opportunity through e-mail and automated voice mails. It even let customers "purchase" shares in the IPO without putting any money down, with the understanding that they would pay up a few days later.

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