I have no problem going to court over this...they have ZERO chance of ever collecting me from me on their freakin scam
I want to know where the hell the SEC is on this on this scam?
I too thought they would give you a chance to see your allocation and affirm that you want to buy before slamming shares to you.
Rather than argue their random and illogical 2 hour blind draw window to cancel, I called DBAB and let them know that I did not agree that I had bought any shares, since I had not downloaded reviewed the revised prospectus as mandated in the first page of their Ts&Cs, I had suffered the consequences promised therein - I made myself ineligible for the DSP. I had only visited the site on May 8, and had never logged in again, contrary to their requirement that to remain eligible, I must do so, download, and review all amendements to the prospectus. They took a look at the record of my visits, said I had downloaded the preliminary prospectus on May 8th, and had no record of visiting the site again, then said they would note my account with that information.
The key is that they had the ability to determine that I had downloaded the preliminary prospectus, and should have just as easily detected that I never had downloaded any amendments. Since they had that ability to gate my initial eligibility on my downloading that copy, they should have, as promised, rendered me ineligible until I re-visited the site and downloaded the amended prospectus. As such, I should not have been allocated any shares.
Oops, they ignored their own Ts & Cs regarding eligibility, and it conveniently allowed them to stuff my account and created an obligation in their mind for me to overpay them for shares. Hmmm... do you suppose they looked the other way on my and others losing eligibility?
I'll see them in court if they dare, as I've got a lawyer on retainer who's frothing at the mouth to take them on with this issue, make it a class action on fraud.
Whether you believe it or not its the truth. If you could see my login records and phone records. You could see I logged initially and then not again until days after the ipo. You then would see that within 10 minutes I called UBS to figure out what was going on. It was after hours and they were closed so I then called in at 8 in the morning to be told. "Take your loss." Well i never wanted shares and never went back figuring that made me ineligible. I will ride things out and if a third party rules I need to pay. The check will be written.
Their IPO process was definately flawed. However, you should just admit that you are looking for a loophole after the fact. And I think you may have found one. But don't insult our intelligence that you purposely didn't read the prospectus so you wouldn't remain eligible. Just say that VG and the UW's messed up, and you are looking for a way out of your losses.
I'm sure it the stock popped there will be no bi*ching and moaning here. Now everyone is crying, you need to suck it up and roll with the punches. There is no such thing as free money and you all should know that. A prospectus don't mean squat...keep praying for a judge to bail you out.
I read that I had to keep looking at the updated prospectus to remain eligible for the shares. You do admit it was term and condition correct? Since i did not ever do that i assumed i would then become ineligible and not receive stock. Therefore legally I never was eligible for it and have no intention of paying.
< I do not believe they are obligated to, unless the stock priced out of the range. >
Instructions were quite clear. You enter an order, its good unless you rescind before the deal becomes effective or the price gets out of the range. If the price is out of range order is cancelled and you re-enter. The only "confirm" mentioned was that the information would appear AFTER the deal was effective on the website. There was no indication that the customer would need to reconfirm the order at any time to enable execution.
"i was not interested after looking into it which is why i never went back to review the new prospectus. Therefore i was never eligible for the stock. Get it?"
Well, I for one don't get it. It is YOUR fault for not understanding what you agreed to. Just because you THOUGHT you were agreeing to something else, doesn't make it true. You agreed to purchase those shares if the stock priced between 16 and 18. If you think the speed limit is 65, but it is really 35. Does that make it OK to drive 65 there?
"Exactly same thing with me...they never confirmed crap..it was a one time log in NEVER a reconfirm with you a week later"
Even though I think they SHOULD have required a re-confirm, I do not believe they are obligated to, unless the stock priced out of the range.
"By the way. I have called UBS and told them that I will never pay. Have not heard a peep from them since. They know they can't win. Thats why they have not made any attempt to get the money."
Idiot. UBS doesn't give a crap about you. Vonage is paying them for your shares. Vonage on the other hand...