Kaplan Fox & Kilsheimer LLP has filed a class action lawsuit against Cogent Communications Holdings, Inc. on behalf of investors who purchased Cogent securities between February 29, 2024 and May 1, 2026. The complaint alleges that defendants misrepresented demand for optical wavelengths in Cogent's newly acquired wireline business, claiming the order backlog was largely illusory and most of it never converted to paying customers. On May 4, 2026, CEO David Schaeffer disclosed that customers were pushing out wavelength installs, causing Cogent's stock to drop $6.79 per share, or 29%, to close at $16.37. Investors with significant losses have until September 21, 2026 to seek lead plaintiff appointment.
Cogent Communications Group IncClass action lawsuit alleging misrepresentation of backlog, causing stock drop.