NEW YORK, June 29, 2011 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP is investigating Cogent Communications Group, Inc. ("Cogent Communications" or the "Company") and its Board of Directors, in connection with the Company's 2010 compensation packages for the Cogent Communications CEO and other executives.
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On April 27, 2011, 61% of Cogent Communications shareholders voted "no" on the Company's say on pay provision. The investigation concerns whether certain senior officers and executives of Cogent Communications were awarded excessive salaries, bonuses, and/or other forms of compensation. The Company's CEO earned a total compensation in 2010 of $3.99 million, including a time-vested stock award worth approximately $3.7 million. However, Cogent Communications reported a net income of only $0.67 million for that year, and reported a quarterly loss of $0.28 million for the first quarter of 2011. At the same time, long term investors in the Company's stock have watched the price of their shares decline.
If you own common stock in Cogent Communications and would like to speak to an attorney please contact Eduard Korsinsky, Esq. either via email at ek@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/cogent-communications-ccoi.html.
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