Vonage has lost a case against Verizon over patent infringement. In a ruling today, its no longer able to market it services to new customers.
According to Vonage’s lawyer, the ruling comes as ‘a bullet to the head’! Vonage’s stock (ticker: VG) closed at $3.38 on thursday. The markets were closed today, but I expect them to sink like an old router on Monday!
Surprizingly the CEO, Jeff Citron, who was fined $22 million by the SEC and banned from trading securities when he ran Datek for scapling retail investors, hasn’t sold any of his 42 million shares.
Maybe he knows something we don’t?