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Reddit’s IPO Filing Shows Lots Of Losses After Nearly 20 Years (www.forbes.com)

submitted 8 months ago by Clbull@lemmy.world to c/technology@lemmy.world

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[–] AbidanYre@lemmy.world 28 points 8 months ago (1 children)

Vonage did something similar where they let users get in on the IPO. Then got sued in a class action lawsuit because the stock tanked.

https://web.archive.org/web/20121104141751/http://news.cnet.com/2100-1036_3-6079765.html

Reading through that article you could probably find/replace with Reddit.

The complaint alleges that Vonage's officers decided to offer shares to customers because they knew institutional investors who normally buy IPOs would be reluctant to buy Vonage stock. Vonage has consistently lost money and has never been profitable.

[–] athos77@kbin.social 12 points 8 months ago (1 children)

Oh, ouch! If this is similar, it's a bit ironic that they've pissed off the people who would've been most likely to invest in the IPO.

[–] SaltySalamander@kbin.social 10 points 8 months ago

I would have totally been one of those IPO investors. I'm seriously considering shorting the shit out of it now.