Cogent Communications Holdings is facing a securities class action over statements about its optical wavelength backlog, with Hagens Berman urging investors who bought common stock between Feb. 29, 2024 and May 1, 2026 to seek appointment as lead plaintiff by Sept. 21, 2026. The complaint alleges Cogent portrayed backlog as a meaningful indicator of growth, revenue potential and stock value even though many orders were unlikely to turn into recognizable revenue because customers were unable or unwilling to accept delivery. The filing points to a series of disclosures that it says undermined that narrative: on Feb. 27, 2025, Cogent reported disappointing Q4 and full-year 2024 results, disclosed a 20% sequential backlog decline and removed 1500 orders that were more than a year old; on May 8, 2025, it said installation capacity exceeded orders ready for installation and acknowledged that "the majority" of its wavelength funnel "fell out"; on Feb. 20, 2026, it stopped providing backlog data when reporting Q4 and full-year 2025 results; and on May 4, 2026, management said customers were pushing out acceptance of provisioned wavelengths. Hagens Berman also highlighted the SEC Whistleblower program (U.S. securities regulator reward program) for people with non-public information.