Federal Whistleblower Denied Q&A Access During Cogent Communications Earnings Call After Identifying Role in 2003 FNSI Acquisition Investigation

WASHINGTON - May 12, 2025 - PRLog -- – Despite clearly identifying himself as a federal whistleblower at the outset of this morning's Cogent Communications Q1 2025 earnings call, David Koch reports that he was denied the opportunity to participate in the question-and-answer session after submitting at least 16 formal requests to speak.

Mr. Koch states that he identified himself by name, spelling it, and explicitly declared his role in the federal investigation of Cogent's 2003 acquisition of Fiber Network Solutions, Inc. ("FNSI"). His identity was acknowledged, however no opportunity to ask a question was provided—despite Cogent's public claim that "all questions had been answered."

"I followed every instruction to enter the queue," Koch said. "The system confirmed my request each time, yet they ignored every one of them."

Instead, questions were limited to institutional analysts affiliated with major investment banks. Answers appeared scripted, with CEO Dave Schaeffer reading from detailed notes containing granular financial figures and projections.

Koch has long called for a formal shareholder and regulatory review of Cogent's acquisition of FNSI. Among his concerns is the discovery of Exhibit 2.5, a critical stockholder agreement now publicly confirmed to exist without its required schedules—a condition he asserts renders the 2003 transaction legally defective.

Cogent's Q1 earnings release, issued just prior to the call, reported a loss of $1.09 per share, even as the company announced its 51st consecutive quarterly dividend increase, raising the dividend to $1.01 per share. This creates a payout ratio exceeding 580%, with no shareholder notice or fairness opinion disclosed.

A formal evidentiary memo detailing today's events is being finalized for submission to appropriate federal authorities, including the U.S. Securities and Exchange Commission (SEC), the Federal Bureau of Investigation (FBI), the IRS Criminal Investigation Division (IRS-CI), and the U.S. Attorney's Office for the Southern District of Ohio.

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Media Contact:

David Koch
Whistleblower – FNSI Acquisition Review
Email: media@FiberNetworkSolutions.net
Website: https://fibernetworksolutions.net