LAKE Shareholders - Lead Plaintiff Deadline: April 24, 2026

Lakeland Industries, Inc. Class Action Lawsuit – LAKE

Introduction to Lakeland Industries, Inc. (LAKE) Securities Class Action Lawsuit

A securities fraud class action has been filed against Lakeland Industries, Inc. (NASDAQ: LAKE) and three of its senior executives, alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5, on behalf of investors who purchased Lakeland securities, including NASDAQ: LAKE common stock between December 1, 2023 and December 9, 2025. Investors allege that defendants made materially false and misleading statements about the success of two strategic acquisitions-Pacific Helmets and Jolly-overstating their financial impact while concealing significant operational problems including shipping delays, production issues, and slower-than-expected product rollouts, certification delays, and tariff-related headwinds. According to the complaint, defendants also misrepresented the strength of their tariff mitigation measures and the reliability of their financial guidance, including EBITDA guidance, even as the business deteriorated. When the truth emerged through a series of corrective disclosures over fifteen months, Lakeland's stock price that investors claim was artificially inflated collapsed from over $23 per share to $9.16, causing significant investor losses.

Lakeland Industries, Inc. (LAKE) Securities Lawsuit Case Details

Case Name: Robert Purrington v. Lakeland Industries, Inc., et al.

Case No.: 1:26-cv-01501

Jurisdiction: U.S. District Court, Southern District of New York

Filed on: February 23, 2026

Lakeland Industries, Inc. (LAKE) Company Profile

Lakeland Industries, together with its subsidiaries, manufactures and sells industrial protective clothing and accessories, including fire and rescue helmets and fire boots for the industrial and public protective clothing market worldwide, operating in the protective apparel manufacturing industry. The Company employs a "small, strategic, and quick" mergers and acquisitions strategy, often referred to as its SSQ M&A strategy, to drive its growth in revenue and profitability, including acquisitions such as Pacific Helmets and Jolly Boots, and serves industrial, medical, and safety markets.

Lakeland Industries, Inc. (LAKE) Securities Lawsuit Class Period

December 1, 2023 – December 9, 2025, inclusive.

All persons and entities other than defendants that purchased or otherwise acquired Lakeland securities, including LAKE common stock, during the Class Period are eligible to participate.

Allegations in the Lakeland Industries, Inc. (LAKE) Securities Class Action Lawsuit

The complaint targets Lakeland Industries, Inc., along with James M. Jenkins (President, CEO, and Executive Chairman), Charles D. Roberson (CEO until January 31, 2024), and Roger D. Shannon (Chief Financial Officer), alleging they made materially false statements about the company's fire services expansion strategy and acquired businesses, in violation of the federal securities laws.

On November 30, 2023, Jenkins announced the Pacific Helmets acquisition in a press release, calling it "a significant milestone in our global fire services expansion efforts" in fire and rescue helmets and projecting that Pacific would "add seven to eight million dollars of sales revenue to Lakeland in our next fiscal year and to be immediately accretive." Two months later, in a press release on February 5, 2024, Jenkins made nearly identical statements about the Jolly acquisition of fire and rescue footwear, projecting it would "add $14 to $16 million of sales revenue to Lakeland this fiscal year and to be immediately accretive." On July 1, 2024, the company issued guidance expecting adjusted EBITDA of $18 million to $21.5 million for fiscal year 2025. On September 4, 2024, despite missing revenue targets, Jenkins stated the company remained "confident in our full-year projections" and expected "the growth of our industrial safety products will accelerate in the second half of our fiscal year." On April 9, 2025, the company projected fiscal 2026 revenue of $210 to $220 million and adjusted EBITDA of $24 to $29 million, statements investors relied on when purchasing LAKE securities during the class period.

According to the complaint, these statements were materially false and misleading because Lakeland was experiencing significant, sustained issues with its Pacific Helmets and Jolly businesses throughout the class period. The complaint alleges defendants concealed shipping-related delays, production issues, and slower-than-expected rollout of new products at both acquired companies, as well as certification delays and material flow issues. Investors further allege that defendants overstated the positive impact of these businesses on Lakeland's financial results while the company's business was significantly deteriorating due to tariff-related headwinds and elevated freight costs, certification delays, and material flow issues in the acquired businesses, causing the stock to trade at artificially inflated prices. The complaint alleges defendants overstated the strength of their tariff mitigation measures and SSQ M&A strategy, rendering their financial guidance unreliable.

The Truth Emerges

The truth began to surface on September 4, 2024, when Lakeland disclosed that its second quarter fiscal 2025 revenue had missed analyst expectations by $1.39 million, with management admitting "the shortfall was due to shipment timing" and that "Jolly had substantial fire orders delayed to the late third and early fourth quarter." The problems deepened on April 9, 2025, when the company reported fourth quarter GAAP EPS that missed estimates by $2.80 and full fiscal year 2025 adjusted EBITDA of only $17.4 million-below the guidance range of at least $18 million. CFO Shannon admitted "The shortfall in our annual Adjusted EBITDA guidance was a direct result of the slippage of a large boot order at Jolly into FY26," while also revealing "weakness at Pacific Helmets resulting from production issues and product offering updates, and slower than expected rollout of new products from Pacific Helmets and Jolly Boots." On June 9, 2025, Lakeland disclosed first quarter fiscal 2026 GAAP EPS that missed by $0.60 and revenue that missed by $2.1 million, citing problems at "Pacific Helmets business resulting from production issues and updates to product offerings, as well as shipment timing and tariff-related delays" and tariff headwinds. The final blow came on December 9, 2025, when the company reported third quarter fiscal 2026 GAAP EPS that missed by $1.93 and revenue that missed by $9.05 million, while withdrawing all financial guidance for FY2026 and terminating its CFO employment, Roger D. Shannon, Jenkins admitted "these challenges have affected our forecasting ability and, as a result, we are withdrawing our previously issued financial guidance for FY2026 and will not be providing financial guidance going forward." These disclosures revealed that the acquisitions Jenkins had touted as immediately accretive and significant milestones were plagued by operational failures, that the company's tariff mitigation measures were ineffective, and that management's forecasting ability had broken down completely, with guidance proving unreliable contradicting the confident projections and assurances defendants had provided throughout the class period.

Market Reaction

Lakeland's common stock price declined sharply following each corrective disclosure. On September 5, 2024, the stock fell $1.86 per share, or 7.82%, to close at $21.92. On April 10, 2025, after the company revealed the extent of problems at its acquired businesses, the stock fell $2.63 per share, or 14.33%, to close at $15.72. On June 10, 2025, following disclosure of continued production issues and tariff-related delays, the stock fell $4.29 per share, or 22.16%, to close at $15.07. On September 10, 2025, the stock fell another $0.64 per share, or 4.43%, to close at $13.80. The most severe decline occurred on December 10, 2025, when Lakeland withdrew its financial guidance and announced its CFO employment termination, the stock plummeted $5.85 per share, or 38.97%, to close at $9.16.

Next Steps

●      The Court will issue its order for lead plaintiff and counsel in the weeks after submissions are due.

●      The Court will then consider motion for class certification.

●      The Court will later consider a Motion to Dismiss.

Disclaimer: This shareholder alert is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for personalized guidance. No specific outcomes are guaranteed.

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Certification of Plaintiff Pursuant to Federal Securities Laws

I, duly certify and say, as to the claims asserted under the federal securities laws, that:

  1. I have reviewed a complaint filed in the action.
  2. I did not purchase the security that is the subject of this action at the direction of plaintiff's counsel or in order to participate in this action.
  3. I am willing to serve as a representative party on behalf of the class, including providing testimony at deposition and trial, if necessary.
  4. My transaction(s) in Lakeland Industries, Inc. which are the subject of this litigation during the class period set forth in the complaint are set forth in the chart attached hereto.
  5. Within the last 3 years,
  6. I will not accept any payment for serving as a representative party on behalf of the class beyond the Plaintiff's pro rata share of any recovery, except as ordered or approved by the court, including any award for reasonable costs and expenses (including lost wages) directly relating to the representation of the class.

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Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

By your signature above, you confirm that have retained Levi & Korsinsky, LLP to represent you and the shareholder class as a lead plaintiff in the pending class action against Lakeland Industries, Inc. This representation will be on a contingency basis, meaning that Levi & Korsinsky will advance all expenses in the litigation and will only seek compensation and/or reimbursement of expenses if the firm obtains a recovery. Regardless of the result, we will never ask you to directly pay for any attorneys’ fees, expenses, or costs. Should we obtain a favorable result, we may ask the court to award us compensation and reimbursement of expenses to be paid by the defendants or as a portion of any class recovery. In exchange for our representation, you agree to cooperate as our client by providing, for example, relevant documents and deposition testimony, if necessary. During the course of this litigation, we may employ and/or work with other law firms, experts, and third-parties to successfully prosecute this action. If you are not appointed as the lead plaintiff or Levi & Korsinsky is not appointed as lead counsel, we will notify you of such decision at which time this representation will end unless otherwise extended by you and the firm. We look forward to working with you towards a successful resolution of this action.

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