Cogent Communications Holdings, Inc. faces a securities class action covering investors who acquired its stock between Feb. 29, 2024, and May 1, 2026. Hagens Berman Sobol Shapiro LLP alleges Cogent misrepresented its optical wavelength backlog, presenting an illusory measure as an indicator of expected growth and revenue. The firm says Cogent removed 1,500 orders after reporting a 20% sequential backlog decline in February 2025, later disclosed that customers were not ready to accept provisioned wavelengths, and stopped reporting backlog data in February 2026. Cogent reported second-quarter 2026 service revenue of $235.6 million on Aug. 6, while the firm highlighted continued declines in core segments and customer connections. Investors with substantial losses have until Sept. 21, 2026, to seek appointment as lead plaintiff.