Lakeland Industries Appoints BDO USA as New Auditor

TL;DR

Lakeland Industries swapped auditors from Cherry Bekaert to BDO USA, effective Oct 11.

AI Summary

Lakeland Industries, Inc. announced on October 11, 2024, that it has appointed a new independent registered public accounting firm, BDO USA, LLP, effective immediately. This change follows the resignation of its previous auditor, Cherry Bekaert LLP, on October 7, 2024. The company stated that the decision to change auditors was made by the Audit Committee of the Board of Directors.

Why It Matters

A change in auditors can sometimes signal underlying issues or a desire for a fresh perspective on financial reporting, which investors should monitor.

Risk Assessment

Risk Level: medium — A change in auditors, especially when the previous auditor resigned, can sometimes indicate accounting concerns or disagreements, warranting closer scrutiny.

Key Players & Entities

• Lakeland Industries, Inc. (company) — Registrant
• BDO USA, LLP (company) — New independent registered public accounting firm
• Cherry Bekaert LLP (company) — Resigned independent registered public accounting firm
• October 11, 2024 (date) — Effective date of auditor change
• October 7, 2024 (date) — Date of previous auditor's resignation
• Audit Committee of the Board of Directors (company) — Body that made the decision to change auditors

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 Par Value LAKE NASDAQ Market Indic

Filing Documents

• lake_8k.htm (8-K) — 26KB
• lake_ex161.htm (EX-16.1) — 1KB
• lake_ex161img2.jpg (GRAPHIC) — 71KB
• 0001654954-24-013103.txt ( ) — 246KB
• lake-20241011.xsd (EX-101.SCH) — 6KB
• lake-20241011_lab.xml (EX-101.LAB) — 14KB
• lake-20241011_cal.xml (EX-101.CAL) — 1KB
• lake-20241011_pre.xml (EX-101.PRE) — 9KB
• lake-20241011_def.xml (EX-101.DEF) — 2KB
• lake_8k_htm.xml (XML) — 4KB

01 Changes in Registrant's Certifying Accountant

Item 4.01 Changes in Registrant's Certifying Accountant. (a) On October 11, 2024, Lakeland Industries, Inc. (the "Company") dismissed its independent accountant, Deloitte & Touche LLP ("Deloitte"), effective immediately. The dismissal of Deloitte was approved by the Audit Committee of the Company's Board of Directors (the "Audit Committee"). The reports of the independent registered public accounting firm of Deloitte regarding the Company's financial statements for the fiscal years ended January 31, 2024 and 2023 did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles. During the two most recent fiscal years, and during the subsequent interim period from the end of the most recently completed fiscal year through October 11, 2024, the date of dismissal, there were no "disagreements" (as described in Item 304(a)(1)(iv) of Regulation S-K) with Deloitte on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreement(s), if not resolved to the satisfaction of Deloitte would have caused it to make reference to such disagreement in its reports for such periods. No "reportable events" occurred during the years ended January 31, 2024 and 2023, or subsequently up to October 11, 2024, except for the material weakness in connection with the report on the internal controls over financial reporting of Deloitte dated April 17, 2023, which noted that Deloitte audited the Company's internal control over financial reporting as of January 31, 2023 and expressed an adverse opinion thereon due to a material weakness in internal control over financial reporting relating to the Company's failure to design, implement, and/or consistently operate effective controls over its foreign subsidiary currency translation or remeasurement to ensure the foreign subsidiary's account balances were accurately stated in the consol

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (d) Exhibits: Exhibit Number Description 16.1 Letter furnished by Deloitte & Touche LLP, dated October 18, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. LAKELAND INDUSTRIES, INC. /s/ Roger D. Shannon Roger D. Shannon Chief Financial Officer Date: October 18, 2024 3

View Full Filing

View this 8-K filing on SEC EDGAR