Important Information Regarding Section 20(a) Individual Liability Claims
LAKE INVESTOR ALERT
NEW YORK
, March 5, 2026 /PRNewswire/ -- SueWallSt alerts investors in Lakeland Industries, Inc. (NASDAQ: LAKE) of a pending securities class action naming three senior executives as individual defendants. Class Period: December 1, 2023 through December 9, 2025. Find out if you qualify to recover losses or contact Joseph E. Levi, Esq. at jlevi@SueWallSt.com | (888) SueWallSt.
Lakeland shareholders suffered cumulative stock declines of 7.82%, 14.33%, 22.16%, 4.43%, and 38.97% across five corrective disclosures during the Class Period. The action asserts claims under Section 20(a) of the Securities Exchange Act of 1934 against the executives who allegedly controlled the content of the Company's misleading public statements and SEC filings.
The Named Individual Defendants
The complaint identifies three officers who allegedly possessed the power and authority to control Lakeland's SEC filings, press releases, and market communications:
- James M. Jenkins served as Acting President and CEO beginning February 1, 2024, became President and CEO on June 1, 2024, and served as Executive Chairman at all relevant times. The complaint contends Jenkins directed repeated public assurances about Pacific Helmets and Jolly acquisition performance, financial guidance, and tariff mitigation strategies.
- Charles D. Roberson served as CEO from before the Class Period through January 31, 2024, during the initial Pacific Helmets acquisition announcements and related representations about anticipated benefits.
- Roger D. Shannon served as CFO at all relevant times until his employment was terminated on December 9, 2025, the same day Lakeland withdrew its FY 2026 financial guidance and reported Q3 FY2026 results that missed revenue estimates by $9.05 million.
Sarbanes-Oxley Certification Obligations
The lawsuit charges that each relevant Individual Defendant signed SOX certifications appended to Lakeland's quarterly and annual SEC filings, including the Q3 2024 10-Q, the 2024 10-K, the Q1 2025 10-Q, the Q2 2025 10-Q, and the Q3 2025 10-Q. These certifications attested that each filing "does not contain any untrue statements of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading." The complaint asserts these certifications were false when made.
Section 20(a) Control Person Framework
The action alleges that each Individual Defendant:
- Possessed the power and authority to control the contents of Lakeland's SEC filings, press releases, and market communications
- Was provided with copies of misleading SEC filings and press releases prior to or shortly after issuance
- Had the ability and opportunity to prevent issuance of false statements or cause them to be corrected
- Knew, by virtue of their positions and access to material non-public information, that adverse facts about Pacific Helmets and Jolly had not been disclosed to shareholders
- Knew that positive representations being made to the market were materially false and misleading at the time
"Corporate officers have a duty to ensure their companies' public statements are accurate and complete. When executives sign SOX certifications attesting to the accuracy of SEC filings, they bear personal responsibility for the content of those disclosures." -- Joseph E. Levi, Esq.
Submit your information to join the recovery or call Joseph E. Levi, Esq. at (212) 363-7500. To be considered for lead plaintiff, investors must file by April 24, 2026.
Levi & Korsinsky, LLP -- Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
jlevi@SueWallSt.com
Tel: (888) SueWallSt
Fax: (212) 363-7171
View original content:https://www.prnewswire.com/news-releases/suewallst-lakeland-ceo-and-cfo-face-liability-for-alleged-shareholder-losses-302705715.html
SOURCE SueWallSt.com
