Kaplan Fox & Kilsheimer LLP said a securities class action has been filed against Cogent Communications Holdings, Inc. over disclosures tied to demand for optical wavelengths in the company’s newly acquired wireline business. The proposed class includes investors who purchased or otherwise acquired Cogent securities between February 29, 2024 and May 1, 2026. The law firm said the complaint alleges defendants told investors that demand for optical wavelengths was exceptionally strong and rapidly growing, while the order backlog publicized during the class period was largely illusory and failed to convert into paying customers even after the network had been fully repurposed. Kaplan Fox said the issue came into sharper focus on May 4, 2026, when CEO and Chairman of the Board David Schaeffer said, "[o]n wavelength installs, we have seen a variety of customers pushing out their acceptance of wavelengths." Following that disclosure, Cogent common stock fell $6.79, or 29%, to close at $16.37 on May 4, 2026. Investors have until Sept. 21, 2026 to seek appointment as lead plaintiff.