SOURCE: Vianale & Vianale LLP

August 03, 2005 13:36 ET

Vianale & Vianale LLP Files Securities Fraud Class Action Complaint on Behalf of Cogent Communications Securities Purchasers

BOCA RATON, FL -- (MARKET WIRE) -- August 3, 2005 -- The law firms of Vianale & Vianale LLP and King Pagano Harrison today commenced a securities fraud class action lawsuit on behalf of purchasers of the securities of Cogent Communications Group, Inc. ("Cogent") (AMEX: COI) between February 14, 2005 and June 7, 2005, inclusive. View the complaint on Vianale & Vianale's website: http://www.vianalelaw.com, or call toll-free, at 888-657-9960.

The action (case no. 05-cv-01562) is pending before Judge Richard J. Leon in the United States District Court for the District of Columbia against Cogent and company executives David Schaeffer and Thaddeus G. Weed.

According to the complaint, 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%.

If you bought Cogent securities between February 14, 2005 and June 7, 2005, inclusive, you may, no later than October 3, 2005, move the Court to appoint you as lead plaintiff, the representative party who acts on behalf of the other class members in directing the litigation. The Court will determine whether the proposed lead plaintiff's claim is typical, and whether the class member will adequately represent the class. Your ability to share in any recovery is not affected by whether or not you serve as a lead plaintiff. You may retain Vianale & Vianale LLP and King Pagano Harrison, or other counsel of your choice.

Vianale & Vianale LLP and King Pagano Harrison are active in major class action litigations pending in federal and state courts. Visit the firms' web sites at http://www.vianalelaw.com and http://www.kph.com for more information about the firms.

To discuss this action with us, or if you have any questions about this notice or your rights with regard to this case, please contact:

Contact Information

  • Kenneth J. Vianale, Esq.
    Julie Prag Vianale, Esq.
    2499 Glades Road, Suite 112
    Boca Raton, Florida 33431
    (561) 392-4750
    888-657-9960 Toll-free
    e-mail: Email Contact

    Keith J. Harrison, Esq.
    King Pagano Harrison
    1730 Pennsylvania Ave, N.W.
    Suite 900
    Washington D.C. 20006
    (202) 371-6800