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1:26-cv-02609 Document 1 Filed 07/23/26 Page 22 of 52 from the funnel as they became stale and presumably found business elsewhere. With the broader equity markets sensitive around all things AI (whether it was DeepSeek or Microsoft), the Cogent loss of Waves backlog adds more fuel to these skittish concerns. Cogent’s prior messaging that it could add 500 connections per month has now become a “show me” having added just 77 connections in 4Q24.


\n \n Original document","title":"CITY OF SOUTHFIELD FIRE AND POLICE RETIREMENT SYSTEM, Board of Trustees v. COGENT COMMUNICATIONS HOLDINGS, INC.","url":"https://www.courtlistener.com/docket/73662654/1/city-of-southfield-fire-and-police-retirement-system-board-of-trustees-v/","vendor":"court_dockets"},"summary":"

1:26-cv-02609 Document 1 Filed 07/23/26 Page 22 of 52 from the funnel as they became stale and presumably found business elsewhere. With the broader equity markets sensitive around all things AI (whether it was DeepSeek or Microsoft), the Cogent loss of Waves backlog adds more fuel to these skittish concerns. Cogent’s prior messaging that it could add 500 connections per month has now become a “show me” having added just 77 connections in 4Q24.


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