Holmdel, N.J. — VoIP provider Vonage issued a statement today expressing confidence in its ability to win an appeal against Verizon and chastising the market for "over-reacting" to its legal set-backs.
On Friday, Vonage was ordered to stop using technology patented by Verizon for placing calls over the Internet. Vonage appealed the decision.
"To paraphrase Mark Twain, the rumors of Vonage's death have been greatly exaggerated," said Vonage CEO Mike Snyder in a statement.
He characterized the Friday ruling as "one small step" in a "long legal battle."
Snyder also criticized the market for demonstrating "an unfortunate lack of understanding of the judicial/appellate system, a lack of appreciation of Vonage's resourcefulness, or, perhaps, both. Anyone who's counting Vonage out is making a huge mistake." The company’s stock fell $.91 on Friday’s news to $3.15.
If Vonage is slapped with a permanent injunction on April 6 and the judge does not grant the company’s request to stay the injunction pending its appeal, the company plans to go to the Federal Circuit court seeking a stay.
Vonage also plans to appeal the jury verdict which found the company guilty of infringing on three of seven Verizon patents.
"No matter what happens on April 6, the reality is this litigation is going to take years to make its way through the legal system," said Sharon O'Leary, chief legal officer, Vonage.