We investigate the frequency and amplitude distribution of flares on the actice M dwarf CN Leo observed simultaneously in coronal X‐rays, chromospheric line emission, and the photospheric optical continuum. We find that most of the larger events are visible in all atmospheric layers, these are equivalent to solar white light flares. Several smaller events are only visible in the chromospheric lines, which corresponds to solar H‐alpha flares. One event is very strong in X‐rays, but only weak in the chromospheric lines and invisible in the photospheric continuum, indicating a rather large scale height of the flaring loop. We find no obvious correlation of the flare amplitudes and decay times in the different atmospheric layers. We also search for time delays between the different wavelength bands and probe the occurrence of the Neupert effect.