Vonage Holdings’ legal troubles continue to mount, as attorneys filed another suit against the voice-over-IP company regarding its initial public offering (IPO) last month.Law firm Schiffrin & Barroway filed the suit Monday in U.S. District Court in New Jersey, where Vonage is based in the town of Holmdel. The suit alleges that Vonage “failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them,” Schiffrin & Barroway said.That calls into question whether Vonage made full disclosure of information regarding its management team and its service, including “known” problems with call and fax quality, the firm said.Vonage also took the unusual step of making shares available directly to its customers at the IPO price of US$17 per share. The Schiffrin & Barroway suit alleges that those customers who chose to participate were “obligated to purchase allocated shares before they received notice that their conditional offers had been accepted, and were led to believe that the IPO would take place later than May 23, 2006.” In fact, the company went public on May 24 and raised about $531 million, despite shares declining 12.6 percent on the first day of trading. It closed Monday at $11.51.Motley Rice, a law firm specializing in class-action lawsuits, filed suit against Vonage on June 2, alleging the company inappropriately recommended and sold its stock to customers. -Steven Schwankert, IDG News Service (Beijing Bureau)Check out our CIO News Alerts and Tech Informer pages for more updated news coverage. Related content brandpost Sponsored by SAP When natural disasters strike Japan, Ōita University’s EDiSON is ready to act With the technology and assistance of SAP and Zynas Corporation, Ōita University built an emergency-response collaboration tool named EDiSON that helps the Japanese island of Kyushu detect and mitigate natural disasters. By Michael Kure, SAP Contributor Dec 07, 2023 5 mins Digital Transformation brandpost Sponsored by BMC BMC on BMC: How the company enables IT observability with BMC Helix and AIOps The goals: transform an ocean of data and ultimately provide a stellar user experience and maximum value. By Jeff Miller Dec 07, 2023 3 mins IT Leadership brandpost Sponsored by BMC The data deluge: The need for IT Operations observability and strategies for achieving it BMC Helix brings thousands of data points together to create a holistic view of the health of a service. By Jeff Miller Dec 07, 2023 4 mins IT Leadership how-to How to create an effective business continuity plan A business continuity plan outlines procedures and instructions an organization must follow in the face of disaster, whether fire, flood, or cyberattack. Here’s how to create a plan that gives your business the best chance of surviving such an By Mary K. Pratt, Ed Tittel, Kim Lindros Dec 07, 2023 11 mins Small and Medium Business IT Skills Backup and Recovery Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe