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Gold/Mining/Energy : Casavant Mining Kimberlite International (CMKM)
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To: rrufff who wrote (2133)6/9/2006 8:24:37 PM
From: StockDung   of 2595
 
Did short-sellers clobber Vonage?

Regulators at the New York Stock Exchange are investigating whether short sellers helped fuel the decline of Vonage Holdings' (VG, news, msgs) share price since its initial public offering last month, The Wall Street Journal reported Friday.

NYSE investigators have sent a letter to securities firms with questions focusing on how dealers may have facilitated short sales in the stock of the Internet phone carrier, the Journal said.

The Journal reported that the letter also inquires about "naked short selling" and failure to deliver stock after the offering, specifically with regard to trades by prime brokerage customers. A naked short sale is when someone sells shares without actually having them in hand, a risky practice that the Securities and Exchange Commission cracked down on in 2004.

Vonage went public at $17 and promptly headed south. It closed Friday at $11.88, up 0.8% on the day but down 30% from its IPO price.
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