Lakeland CEO and CFO Face Liability for Alleged Shareholder Losses

Securities class action names three senior executives as individual defendants

Published on Mar. 5, 2026

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A securities class action has been filed against Lakeland Industries, Inc. (NASDAQ: LAKE), naming three senior executives as individual defendants. The lawsuit alleges the executives possessed the power and authority to control the content of the company's misleading public statements and SEC filings, which resulted in significant shareholder losses during the class period from December 1, 2023 through December 9, 2025.

Why it matters

This case highlights the personal liability that corporate executives can face when they allegedly fail to ensure the accuracy and completeness of their company's public disclosures. The lawsuit asserts claims under Section 20(a) of the Securities Exchange Act, which can hold executives responsible for controlling the content of misleading statements, even if they did not directly make the statements themselves.

The details

The complaint identifies three Lakeland executives as individual defendants: James M. Jenkins, who served as Acting President, CEO, and Executive Chairman; Charles D. Roberson, who was CEO during the initial Pacific Helmets acquisition; and Roger D. Shannon, who was CFO until his termination on the same day Lakeland withdrew its FY 2026 guidance. The lawsuit alleges these executives possessed the power to control Lakeland's SEC filings, press releases, and market communications, and that they failed to prevent the issuance of false and misleading statements about the company's performance and financial outlook.

  • The class period runs from December 1, 2023 through December 9, 2025.
  • James M. Jenkins became Acting President and CEO on February 1, 2024 and then President and CEO on June 1, 2024.
  • Charles D. Roberson served as CEO from before the class period through January 31, 2024.
  • Roger D. Shannon served as CFO at all relevant times until his employment was terminated on December 9, 2025.

The players

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.

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.

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What they’re saying

“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. (SueWallSt.com)

What’s next

The judge in the case will decide by April 24, 2026 whether to allow the lawsuit to proceed as a class action.

The takeaway

This case highlights the personal liability that corporate executives can face when they allegedly fail to ensure the accuracy and completeness of their company's public disclosures, even if they did not directly make the misleading statements themselves.