Kaplan Fox & Kilsheimer LLP announced that a class action lawsuit has been filed against Cogent Communications Holdings, Inc. on behalf of investors who purchased or otherwise acquired Cogent securities from February 29, 2024, through May 1, 2026. The complaint alleges that Cogent defendants portrayed demand for optical wavelengths in the company’s newly acquired wireline business as exceptionally strong and rapidly growing, while the publicly reported order backlog was largely illusory. It says most of that backlog did not become paying customers after Cogent’s network had been fully repurposed. On May 4, 2026, CEO and Chairman of the Board David Schaeffer said customers had delayed accepting wavelength installations. Cogent common stock fell $6.79, or 29%, to close at $16.37 that day. Proposed class members may ask the court by September 21, 2026, to appoint them as lead plaintiff, although doing so is not required to participate in any potential recovery.