Faruqi & Faruqi, LLP and SueWallSt, powered by Levi & Korsinsky LLP, have notified investors about a federal securities class action against Cogent Communications Holdings, Inc. (Nasdaq: CCOI). The complaint alleges that Cogent and its executives misrepresented the quality of the company’s optical wavelength backlog, customer demand, provisioning challenges, revenue and margin prospects, dividend capacity and risks related to stock pledging by defendant Schaeffer. It also alleges that Cogent did not adequately disclose the difficulties of converting the acquired former Sprint, or T-Mobile Wireline, network into an optical wavelength platform, including provisioning cycles of approximately 90 days and sometimes 120 days or more. According to the allegations, as much as 90% of the wavelength backlog was lost, while Cogent targeted a $500 million wavelength revenue run rate by May 2028. The complaint says CCOI shares fell more than 80%, or approximately $69 per share, from above $86 in November 2024 to below $17 after May 1, 2026, following disclosures that included backlog losses and a 98% dividend cut. The case was filed in the United States District Court for the District of Columbia, and investors must file motions seeking lead-plaintiff appointment by September 21, 2026.