Kaplan Fox & Kilsheimer LLP announced that a securities class action has been filed against Cogent Communications Holdings (NASDAQ: CCOI) on behalf of investors who purchased or otherwise acquired Cogent securities from February 29, 2024, through May 1, 2026. The complaint alleges that Cogent represented demand for optical wavelengths in its newly acquired wireline business as exceptionally strong and rapidly growing, while the order backlog it publicized was largely illusory and failed to convert into paying customers. On May 4, 2026, CEO and Chairman of the Board David Schaeffer acknowledged that customers were pushing out acceptance of wavelength installations. Cogent common stock fell $6.79, or 29%, to close at $16.37 that day. The lead plaintiff deadline is September 21, 2026. Earlier disclosures cited by Hagens Berman included a 20% sequential backlog decline and the removal of 1,500 orders in February 2025, later comments about installation capacity and customer acceptance, and the company’s decision to stop providing backlog data in February 2026.