Interesting IF any of you said, 'I do!' -
Vonage tells SEC bankruptcy is possible
Legal woes are forcing Vonage to look at its long-term options, which may include bankruptcy.
In a filing with the Securities and Exchange Commission Tuesday, the Internet phone service provider said the ongoing legal battles over patent disputes could eventually lead to liquidation of the company's assets under bankruptcy protection.
"We are, and may in the future be, subject to damaging and disruptive intellectual property litigation that could materially and adversely affect our business, results of operations and financial condition, as well as the continued viability of our company," Vonage said in the 10-K document.
In March, the company lost a patent infringement lawsuit to telecommunications giant Verizon. A Virginia jury ordered the company to pay $58 million in damages, and a judge granted an injunction that would force Vonage to stop marketing its service to new customers. A federal court of appeals granted a temporary stay to the injunction. Vonage will head to court again on April 24 to argue in favor of making the temporary stay permanent while it fights for an appeal.