Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Cogent Communications Holdings, Inc. (CCOI)

NEW YORK, July 24, 2026 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of Columbia on behalf of all persons or entities who purchased or otherwise acquired Cogent Communications Holdings, Inc. (“Cogent” or the “Company”) (NASDAQ: CCOI) securities between February 29, 2024 and May 1, 2026, inclusive (the “Class Period”).

The Complaint alleges that Defendants failed to disclose to investors that: (a) that the vast majority of the purported orders in Cogent’s optical wavelength “backlog” were unlikely to ever result in a paid order; (b) that large quantities of the customers in Cogent’s purported optical wavelength “backlog” were unable or unwilling to accept delivery even if Cogent was in a position to provision the wavelength in a timely manner; (c) that, as a result of (a)-(b) above, defendants had materially misrepresented customer demand for Cogent’s optical wavelength services and the nature of the Company’s purported “backlog” of wavelength orders; (d) that, as a result of (a)-(c) above, Cogent was not on track to achieve its revenue and margin targets and such targets lacked a reasonable basis in objective fact; (e) that Cogent did not have the financial capacity or business fundamentals to maintain its long-standing dividend policy; and (f) that there was a material, undisclosed risk that defendant Schaeffer would be forced to sell vast quantities of Cogent stock as a result of his high-risk pledging activities, thereby further depressing the price of Cogent stock in the event the truth regarding Cogent’s “backlog,” demand issues, and financial position were ever revealed.

Investors who purchased or otherwise acquired shares of Cogent should contact the Firm prior to the September 21, 2026 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.

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