Cogent Communications Group, Inc. Securities Litigation
On or around 08/19/2005 (Other)
Filing Date: August 03, 2005
According to a press release dated August 19, 2005, the law firm of Vianale & Vianale LLP announced that it voluntarily dismissed without prejudice its securities fraud class action complaint against Cogent Communications Group, Inc.
The complaint alleges defendants failed to publicly disclose that Cogent intended to sell shares of Cogent common stock in a secondary public offering at a materially reduced price from the stock's then-current market price. Defendants knew or recklessly disregarded that the sale of Cogent common stock at a material discount to its trading price would cause a steep decline in the market price of its shares held by plaintiff and other class members. After Cogent announced that it would sell 10,000,000 shares of its stock at $6.00 a share, the stock price fell 29.4%.
Company & Securities Information
Defendant: Cogent Communications Group, Inc.
Industry: Communications Services
Headquarters: United States
Ticker Symbol: COI
Company Market: American SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Guang Chen, et al. v. Cogent Communications Group, Inc., et al.