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Fallen Shares at Vonage

Workplace Buzz on April 16, 2007 7:18 AM

NEW YORK (Reuters) - Internet phone company Vonage Holdings Corp. (NYSE:VG - news) said on Thursday its chief executive had stepped down and it plans to cut jobs and marketing costs, seeking to revive a business that investors worry may collapse.

Vonage shares, which have fallen more than 80 percent from their initial public offering price a year ago, rose 11 percent or 33 cents to $3.33 in early afternoon trading.

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