Kaplan Fox & Kilsheimer LLP said a proposed securities class action has been filed against Cogent Communications Holdings, Inc. on behalf of investors who purchased or acquired the company's securities between February 29, 2024 and May 1, 2026. The complaint alleges Cogent overstated demand for optical wavelengths in its newly acquired wireline business and publicized an order backlog that was largely illusory. The filing points to comments made on May 4, 2026 by CEO and Chairman of the Board David Schaeffer, who said the company had seen customers delay acceptance of wavelengths, as a corrective disclosure. Cogent's stock then fell $6.79, or 29%, to close at $16.37 that day. Investors seeking to serve as lead plaintiff have until September 21, 2026, while other class members do not need to seek that role to participate in any potential recovery.