Kaplan Fox & Kilsheimer LLP announced that a securities class action has been filed against Cogent Communications Holdings, Inc. on behalf of investors who purchased or acquired Cogent securities from February 29, 2024, through May 1, 2026. The complaint alleges that Cogent misrepresented demand for optical wavelengths in its newly acquired wireline business and publicized an order backlog that largely failed to convert into paying customers. Investors have until September 21, 2026, to seek appointment as lead plaintiff, although appointment is not required to participate in any potential recovery. The complaint cites Chief Executive Officer and Chairman of the Board David Schaeffer's statement that customers were delaying acceptance of wavelengths. Cogent shares fell $6.79, or 29%, to close at $16.37 on May 4, 2026. The action follows earlier disclosures involving slower wavelength growth, backlog reductions, a 98% dividend cut, suspended buybacks and customer-acceptance delays.