Bad news for Vonage , via the AP:

For the second time in two days, Internet phone company Vonage Holdings Corp. was hit with bad legal news Wednesday when a federal appeals court upheld a March jury verdict and injunction against it for patent infringement.

The company’s shares sank to 93 cents, their lowest level since Vonage went public in May 2006.

A Virginia jury awarded Verizon Communications Corp. $58 million in damages plus 5.5 percent royalties on future revenues after finding that Vonage violated three Verizon patents in building its Internet phone system.

On Tuesday, Vonage was ordered to pay Sprint Nextel $69.5 million in damages after a jury found that Vonage willfully infringed on six Sprint telecommunications patents.

Verizon spokesman Peter Thonis said Wednesday’s ruling ‘’speaks for itself.”