Roger Shannon Oversaw Lakeland Financials Before Termination: Levi & Korsinsky, LLP

Executive Accountability: Roger D. Shannon Named in Securities Action After Employment Terminated

NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky, LLP notifies investors that Roger D. Shannon, former Chief Financial Officer of Lakeland Industries, Inc. (NASDAQ: LAKE), is named as a defendant in a securities class action filed on behalf of shareholders who purchased securities between December 1, 2023 and December 9, 2025. Find out if you are eligible to recover losses from the Lakeland securities action. You may also contact Joseph E. Levi, Esq. at [e-mail] or [phone].

Lakeland shares fell $5.85, or 38.97%, to close at $9.16 on December 10, 2025, the same day the company disclosed Shannon's employment had been terminated. The lead plaintiff deadline is April 24, 2026.

Shannon's Role During the Class Period

The complaint identifies Shannon as Lakeland's CFO at all relevant times through December 9, 2025, when his employment was terminated. In that capacity, Shannon was responsible for the Company's financial reporting, guidance, and SEC filings. His termination was disclosed in an 8-K filed the same evening Lakeland reported Q3 FY2026 results that missed revenue consensus estimates by $9.05 million and withdrew all forward guidance.

What Shannon Allegedly Oversaw

As CFO, Shannon allegedly oversaw the financial projections that the lawsuit contends were unreliable. Key allegations concerning Shannon include:

- On December 5, 2024, Shannon stated that "[g]iven the totality of our positive results, trends and expectations, we continue to expect . . . Adjusted EBITDA excluding FX of at least $18 million," reaffirming guidance the complaint alleges was already in jeopardy

- Shannon characterized $12.5 million in elevated working capital as evidence of "strong demand from our customers" and inventory built "in preparation for the forecasted increase in sales," which the action claims painted a misleading picture of Lakeland's financial trajectory

- On April 9, 2025, Shannon acknowledged the EBITDA shortfall "was a direct result of the slippage of a large boot order at Jolly into FY26," an order delay the complaint asserts was foreseeable given sustained operational problems

- Shannon signed Sarbanes-Oxley certifications on multiple SEC filings attesting that the reports did not contain untrue statements of material fact

Shannon's SOX Certifications and Liability

The action names Shannon under Section 20(a) of the Securities Exchange Act of 1934 as a controlling person of Lakeland. As pleaded, Shannon signed SOX certifications on the Q1 2025, Q2 2025, and Q3 2025 10-Q filings, as well as the 2024 10-K, each certifying the accuracy and completeness of the Company's financial disclosures. The complaint charges that these certifications were materially misleading because Lakeland was experiencing significant, sustained issues with its Pacific Helmets and Jolly businesses that rendered financial guidance unreliable.

"Individual officers who sign SEC certifications bear personal responsibility for the accuracy of corporate disclosures. When a CFO certifies financial statements and reaffirms guidance while the company's acquired businesses face sustained operational problems, serious questions arise about what was known and when." -- Joseph E. Levi, Esq.

Section 20(a) Context for Shannon

The complaint asserts that Shannon possessed the power and authority to control the contents of Lakeland's SEC filings and press releases. As averred, Shannon had access to material non-public information about deteriorating conditions at Pacific Helmets and Jolly, yet continued to reaffirm financial guidance and sign certifications attesting to the accuracy of those disclosures. His termination on the same day Lakeland withdrew guidance and reported its largest earnings miss raises additional questions about accountability.

LEAD PLAINTIFF DEADLINE: April 24, 2026

Speak with an attorney about Shannon's role and your recovery options or contact Joseph E. Levi, Esq. at [phone].

Levi & Korsinsky, LLP, Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered for investors.