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 feature 10 most popular IT certifications for 2023 Certifications are a great way to show employers you have the right IT skills and specializations for the job. These 10 certs are the ones IT pros are most likely to pursue, according to data from Dice. By Sarah K. White May 26, 2023 8 mins Certifications Careers interview Stepping up to the challenge of a global conglomerate CIO role Dr. Amrut Urkude became CIO of Reliance Polyester after his company was acquired by Reliance Industries. He discusses challenges IT leaders face while transitioning from a small company to a large multinational enterprise, and how to overcome them. By Yashvendra Singh May 26, 2023 7 mins Digital Transformation Careers brandpost With the new financial year looming, now is a good time to review your Microsoft 365 licenses By Veronica Lew May 25, 2023 5 mins Lenovo news Alteryx works in generative AI for speedy analytics results OpenAI integration and AI wizardry for report generation are aimed at making Alteryx’s analytics products more accessible. By Jon Gold May 25, 2023 3 mins Analytics 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