Attached files
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| EX-16.1 - LETTER ON CHANGE IN CERTIFYING ACCOUNTANT - LAKELAND INDUSTRIES INC | lake_ex161.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of
1934
Date of Report (Date of earliest event reported): July 9,
2020
__________________________________________
Lakeland Industries, Inc.
(Exact
name of registrant as specified in its charter)
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Delaware
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0-15535
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13-3115216
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(State or other
jurisdiction of
incorporation)
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(Commission
File
Number)
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(IRS
Employer Identification
No.)
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202 Pride Lane SW, Decatur, AL 35603
(Address of
principal executive offices) (Zip Code)
Registrant’s
telephone number, including area code: (256)
350-3873
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
☐
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
☐
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the
Act:
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Title
of each class
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Trading
Symbol(s)
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Name of
each exchange on which registered
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Common
Stock, $0.01 Par Value
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LAKE
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NASDAQ
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Indicate
by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of
1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item
4.01
Changes
in Registrant’s Certifying Accountant.
(a)
Dismissal of Independent Registered Public Accounting
Firm
On July 9, 2020, Lakeland Industries, Inc. (the
“Company”) dismissed Friedman LLP
(“Friedman”), its
independent registered public accounting firm. The decision to
dismiss Friedman was approved by the Audit Committee of the
Company’s Board of Directors.
The audit reports of Friedman on the Company’s consolidated
financial statements as of and for the fiscal years ended January
31, 2020 and 2019 did not contain an adverse opinion or a
disclaimer of opinion, nor were they qualified or modified as to
uncertainty, audit scope, or accounting principles. During the two
most recent fiscal years ended January 31, 2020 and 2019, and
during the subsequent interim period preceding such dismissal,
there were no disagreements with Friedman on any matter of
accounting principles or practices, financial statement disclosure,
or auditing scope or procedure, which disagreements, if not
resolved to the satisfaction of Friedman, would have caused it to
make reference to the subject matter of the disagreements in
connection with its audit reports for such years. In addition,
during that time there were no “reportable events” as
that term is described in Item 304(a)(1)(v) of Regulation S-K,
except that the report of Friedman on the effectiveness of internal
control over financial reporting of the Company as of January 31,
2020 identified a material weakness in internal control over
financial reporting. The report of Friedman indicated that the
Company did not design, implement, and consistently operate
effective process-level controls over the product costing and
valuation process to ensure the appropriate valuation of the
inventory on hand at year-end.
The Company has provided Friedman with a copy of the foregoing
disclosures and has requested that Friedman furnish the Company
with a letter addressed to the Securities and Exchange Commission
(“SEC”) stating whether or not it agrees with the
statements made herein, each as required by SEC rules, and, if not,
stating the respects in which it does not agree. A copy of
Friedman’s letter to the SEC is filed as Exhibit 16.1 to this
Current Report on Form 8-K.
(b) Engagement of New Independent Registered Public Accounting
Firm.
Effective as of July 14, 2020, the Audit Committee of the
Company’s Board of Directors engaged Deloitte & Touche
LLP (“Deloitte”) as the new independent registered
public accountants of the Company.
During the two most recent fiscal years and through the interim
period preceding the engagement of Deloitte, neither the Company,
nor anyone on its behalf, consulted with Deloitte regarding either:
(i) the application of accounting principles to a specified
transaction, either completed or proposed; or the type of audit
opinion that might be rendered on any of the Company’s
financial statements, in connection with which either a written
report or oral advice was provided to the Company that Deloitte
concluded was an important factor considered by the Company in
reaching a decision as to the accounting, auditing or financial
reporting issue; or (ii) any matter that was either subject of a
“disagreement” (as defined in Item 304(a)(1)(iv) of
Regulation S-K and the related instructions) or a “reportable
event” (as described in Item 304(a)(1)(v) of Regulation
S-K).
Item
9.01
Financial
Statements and Exhibits.
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(d)
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Exhibits.
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16.1
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Letter of Friedman
LLP to the Securities and Exchange Commission, dated July 13,
2020.
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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.
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LAKELAND INDUSTRIES, INC. |
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Date: July 13,
2020
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By:
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/s/ Charles D.
Roberson
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Charles D.
Roberson
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Chief Executive
Officer & President
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EXHIBIT
INDEX
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Exhibit
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Description
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Letter of Friedman
LLP to the Securities and Exchange Commission, dated July 13,
2020.
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