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Allegations Tossed In Vonage IPO Litigation

Law360 (April 6, 2009, 12:00 AM EDT) -- Imposing heightened pleading standards for fraud, a federal judge has tossed allegations that Vonage Holding Corp. deceived investors in its initial public offering, but has given the lead plaintiff in the multidistrict litigation the chance to amend certain accusations against the Internet phone company and its executives.

On Thursday, Judge Freda L. Wolfson of the U.S. District Court for the District of New Jersey rejected allegations that Vonage sold its stock at prices inflated by defective and misleading offering documents, noting that the amended complaint lacked...
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