Lakeland Industries Executives Face Liability Suit Over Five Corrections & $9M Revenue Shortfall
Lakeland Industries and three officers face a Section 20(a) class action covering Dec. 1, 2023–Dec. 9, 2025 after five corrective disclosures drove share declines of 7.82%, 14.33%, 22.16%, 4.43% and 38.97%. Plaintiffs allege false SOX certifications related to Pacific Helmets and Jolly acquisitions and a $9.05M Q3 revenue shortfall.
1. Lawsuit Overview
Investors have filed a securities class action under Section 20(a) against Lakeland Industries and three senior officers, alleging control over misleading public statements and SEC filings between December 1, 2023 and December 9, 2025.
2. Share Declines
During the class period, five corrective disclosures triggered cumulative share declines of 7.82%, 14.33%, 22.16%, 4.43% and 38.97%, reflecting alleged misrepresentations about business performance.
3. Named Executives
The complaint names James M. Jenkins (Acting President and CEO from Feb 1, 2024, CEO from June 1, 2024 and Executive Chairman), Charles D. Roberson (CEO until Jan 31, 2024) and Roger D. Shannon (CFO until Dec 9, 2025).
4. Allegations and Liability
Plaintiffs assert that the officers signed false Sarbanes-Oxley certifications tied to optimistic Pacific Helmets and Jolly acquisition performance, tariff mitigation claims and a Q3 FY2026 revenue miss of $9.05 million, exposing them to personal liability.