Cogent Securities Lawsuit Filed, Lead Plaintiff Deadline Nears

Several law firms are notifying Cogent Communications Holdings investors about a federal securities class action covering purchases from February 29, 2024, through May 1, 2026, with a September 21, 2026, deadline to seek lead-plaintiff status. The complaints allege that Cogent and its executives misrepresented demand for optical-wavelength services by overstating a backlog that largely did not convert into paying customers, while also providing unsupported revenue and margin projections. The filings further allege that Cogent lacked the financial capacity to sustain its dividend and failed to disclose risks related to Chairman and CEO David Schaeffer’s pledged shares. Kaplan Fox said Cogent’s stock fell $6.79, or 29%, on May 4, 2026, after Schaeffer acknowledged that customers were delaying wavelength acceptance; the allegations have not been proven in court.