Citigroup Global Markets, UBS Securities and Deutsche Bank Securities also must pay up to $420,000 in damages to customers who were told, wrongly, they had not received share allocations in Vonage.
The ruling comes from an independent securities industry regulator this week, three years after a lawsuit was filed. The Financial Industry Regulatory Authority said an outside company mistakenly told some customers they had not received share allocations in the IPO. When the problem was discovered, those customers were required to pay the higher IPO price – about $17 – for their shares, even though the stock price plummeted in the days following the IPO. The banks did not respond to the problems quickly, as they should have, the regulator found.
Vonage stocks have fluctuated between 31 cents and $2.63 in the past 52 weeks.
Edwards: more VARs are falling off the map creates "a vacuum that you're about to fihttps://t.co/fiIOgXFZPZfiIOgXFZPZ
June 20 2018 @ 22:18:42 UTC