The NYT is reporting today (see here) that approximately 10,000 Vonage customers participated in its directed share program for its recent IPO. Customers had until yesterday to pay for the shares. However, given that the stock has dropped from its IPO price $17.00 to $12.50, some customers are refusing to pay. Vonage indicated that it will repurchase unpaid for shares from the underwriters if necessary letting the customers off the hook. This is probably a smart move given Vonage’s section 12(a)(1) exposure from its FWP snafu (see here). But what about customer’s who already paid? Will Vonage let them rescind?