The third worst performing IPO so far in 2011 is Boingo Wireless ( WIFI). Based on Wednesday's close at $9.72, the stock has lost 28% since pricing at $13.50 per. The Los Angeles-based provider of wireless mobile Internet access services got a lukewarm reception on its first day of trading on May 4, losing 10%, and things haven't improved since then. The business model may be a bit flawed as Boingo is all about providing public Wi-fi hotspots, but many places already offer similar accessfor free. The company reports its first public quarter on Tuesday June 7th. -- Written by Debra Borchardt in New York.