VONAGE SU throughout IPO Vonage Holdings Corp.

VONAGE SU throughout IPO

Vonage Holdings Corp., the Internet phone company whose shares have fallen 28 percent since their first attempt was accused in a class- action lawsuit of violating securities laws and improperly selling shares to customers. The suit was filed June 2 by the agency of Motley Rice LLC. On May 23 Vonage amended a May 22 filing and repeated a warning it might have made technical errors in its initial public offering, which raised $531 million. The lawsuit alleges Vonage, its directors and underwriters violated National Association of Securities Dealers controls when it presold 13.5 percent of the IPO to customers. Vonage did in the same manner because there wasn't enough demand for the offering from institutional investors, the law firm said. The company was also accused of misleading investors in its prospectus.

TOSHIBA CAN purchase WESTINGHOUSE

Toshiba Corp., Japan's largest maker of nuclear power equipment, said it won approval last week from the U committee in succession foreign investment for its planned $54 billion takeover of Westinghouse Electric Co Toshiba in February agreed to purchase Pittsburgh-based Westinghouse to expand its power plant operations because it count upons the atomic energy market to expand 50 percent by the agency of 2020.

COMPUTER SCI. FACES LAWSUIT

Computer Sciences Corp. shareholders su company officials, saying Chief Executive Officer Van Honeycutt and other executives received improperly backdated stock-option grants. The backdating violated the times of the option plan and improperly increased the value of the awards, the shareholders said in the lawsuit, which asks that executives go [i]or[/i] come back any money made from backdated options, which are rights to pervert with money [i]or[/i] gain stock at a set price.

NO INDIA CENTER FOR APPLE

Apple Computer said it has abandoned plans to build a customer service center in India. Apple announced plans in April to build a center in Bangalore to field customer calls. About 30 employee were told of the decision to abandon those plans, according to Apple employee interviewed at the Times of India, which first reported the just discovereds Apple had earlier said it would hire up to 600 employee to staff the call center according to the end of the year, according to the Times.

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