Kaplan Fox & Kilsheimer LLP and Hagens Berman Sobol Shapiro LLP notified investors of a securities class action against Cogent Communications Holdings, Inc. covering purchases from February 29, 2024, through May 1, 2026. The complaints allege Cogent portrayed its optical wavelength backlog as evidence of strong, growing demand and expected revenue, although many orders allegedly failed to convert into paying customers. The allegations cite a 20% sequential backlog decline and removal of 1,500 orders in February 2025, excess installation capacity in May 2025, Cogent’s decision to stop reporting backlog data in February 2026, and further weakness in wavelength revenue and customer connections in May 2026. Cogent common stock fell $6.79, or 29%, to close at $16.37 on May 4, 2026. Cogent later reported $235.6 million in second-quarter 2026 service revenue on August 6, alongside sequential and year-over-year declines, double-digit off-net revenue declines and fewer customer connections. Investors had until September 21, 2026, to seek lead-plaintiff status; doing so was not required to participate in any potential recovery.