Vonage Holdings claims that they would survive Verizon ruling

Vonage Holdings claims that they would survive Verizon ruling

US based VoIP service provider Vonage Holdings Corp. has just lost a legal ruling against telecom giant Verizon Communications.

The courts have instructed them to pay Verizon $58 million for infringing on their patents.

Vonage has said that despite this ruling, they are not going to get out of business. The company said in a statement: “In the unlikely event the monetary award ($58 million) and royalties are ultimately upheld/paid; they will not jeopardize Vonage’s financial position as we focus on achieving profitability.”

The company further clarified that there would be no change in its phone service and that it was confident it could stay any injunction. Vonage’s stock is already in a bad shape and the ruling resulted in stock prices going down another 15 percent in afternoon trade.