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Item 4.01
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Changes in Registrant’s Certifying Accountant.
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(a) Dismissal of Independent Registered
Public Accounting Firms
On July 14, 2016, Lakeland Industries,
Inc. (the “Company”) dismissed WeiserMazars LLP (“WeiserMazars”), its independent registered public accounting
firm. The decision to dismiss WeiserMazars was approved by the Audit Committee of the Company’s Board of Directors.
The audit reports of WeiserMazars on the
Company’s consolidated financial statements as of and for the fiscal years ended January 31, 2016 and 2015 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, however, the audit reports make reference to other auditors in both years. During the two most recent fiscal years
ended January 31, 2016 and 2015, and during the subsequent interim period preceding such dismissal, there were no disagreements
with WeiserMazars 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 WeiserMazars, 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.
The Company has provided WeiserMazars with
a copy of the foregoing disclosures and has requested that WeiserMazars 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 WeiserMazars’ letter to the SEC is
filed as Exhibit 16.1 to this Current Report on Form 8-K
Also on July 14, 2016, the Company dismissed
Shanghai Mazars Certified Public Accountants (“Shanghai Mazars”), the independent registered public accounting firm
for the Company’s China subsidiaries, Lakeland (Beijing) Safety Products Co., Ltd. (“Lakeland Beijing”) and Weifang
Lakeland Safety Products Co Ltd. (“Weifang Lakeland”). The decision was approved by the Audit Committee of the Company’s
Board of Directors.
The audit reports of Shanghai Mazars on
each of Lakeland Beijing’s and Weifang Lakeland’s financial statements as of and for the fiscal years ended January
31, 2016 and 2015 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, 2016 and 2015, and during the
subsequent interim period preceding such dismissal, there were no disagreements with Shanghai Mazars 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 Shanghai Mazars, would have caused it to make reference to the subject matter of the disagreements in connection
with its audit reports on the financial statements 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.
The Company has provided Shanghai Mazars
with a copy of the foregoing disclosures and has requested that Shanghai Mazars furnish the Company with a letter addressed to
the 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 Shanghai Mazar’s letter to the SEC is filed as Exhibit 16.2 to this Current
Report on Form 8-K.
(b) Engagement of New Independent Registered
Public Accounting Firm
Effective as of July 14, 2016, the Audit
Committee of the Company’s Board of Directors engaged Friedman LLP (“Friedman”) as the new independent registered
public accountants of the Company, Lakeland Beijing and Weifang Lakeland.
During the two most recent fiscal years
and through the interim period preceding the engagement of Friedman, neither the Company, nor anyone on its behalf, consulted with
Friedman 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, Lakeland Beijing’s or Weifang Lakeland’s
financial statements, in connection with which either a written report or oral advice was provided to the Company that Friedman
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).