Shares of Cogent Communications dropped over 30% on May 4 after first-quarter service revenue declined sequentially from the prior quarter, marking the biggest one-day loss in over a year.

In February, management had forecast sequential revenue growth despite ongoing declines in the Sprint revenue base, making the reported downturn a sharp reversal of earlier projections.

Block & Leviton has launched an investigation into potential securities-law violations, examining whether public disclosures misrepresented the company’s revenue trajectory and growth prospects.

Investors who purchased shares before the May 4 decline may be eligible to participate in recovery actions and should contact the investigating firm to explore filing claims.