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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM 8-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event
reported): May 8, 2012&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 12pt Times New Roman, Times, Serif"><B>Lakeland
Industries, Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; text-align: center"><U>Delaware</U></TD>
    <TD STYLE="width: 33%; text-align: center"><U>0-15535</U></TD>
    <TD STYLE="width: 33%; text-align: center"><U>13-3115216</U></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">(State or other jurisdiction</TD>
    <TD STYLE="text-align: center">(Commission</TD>
    <TD STYLE="text-align: center">(IRS Employer</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">of incorporation)</TD>
    <TD STYLE="text-align: center">File Number)</TD>
    <TD STYLE="text-align: center">Identification No.)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
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    <TD STYLE="width: 70%; font-size: 10pt; font-weight: bold; text-decoration: underline; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>701
    Koehler Avenue, Suite 7, Ronkonkoma, New York</U></B></FONT></TD>
    <TD STYLE="width: 30%; font-size: 10pt; font-weight: bold; text-decoration: underline; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>11779-7410</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Address of principal
    executive offices)</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Zip Code)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: <B><U>(631) 981-9700</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
Applicable&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if Changed
Since Last Report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> <FONT STYLE="font-size: 10pt">Soliciting
material pursuant to Rule 14a-12 under the Exchange Act </FONT>(17 CFR 240.14a-12)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT> <FONT STYLE="font-size: 10pt">Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT>
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Lakeland Industries, Inc. and its wholly-owned
subsidiary, Lakeland Brasil S.A. (&ldquo;Lakeland Brasil&rdquo; and together with Lakeland Industries, Inc., the &ldquo;Company&rdquo;)
are parties to an arbitration proceeding in Brazil involving the Company and two former officers (the &ldquo;former officers&rdquo;)
of Lakeland Brasil. On May 8, 2012, the Company received notice of an arbitral award in favor of the former officers as described
below. The Company plans to file on the date hereof a request for clarification of the award that may result in a modification
of the award. The award will not be final until the motion for clarification is decided, after which the Company may still file
a lawsuit to set aside the award in a State Civil Court in Brazil. The filing of the motion for clarification will stay enforcement
of the award. Given the difficulty in modifying or setting aside arbitration awards, there can be no assurance that the Company
will be successful in achieving any significant modifications to the arbitration award or to have it set aside.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The arbitration proceeding arose out of
the acquisition by the Company in 2008 of Qualytextil, S.A., a company of which the former officers were owners. In connection
with the acquisition, the Company entered into management agreements with the former officers and agreed to pay the former officers
a supplemental purchase price payment (&ldquo;SPP&rdquo;), calculated based upon the 2010 EBITDA of the acquired company, subject
to a cap (the &ldquo;Maximum SPP&rdquo;). Based upon actual results for 2010 as contractually specified, the Company determined
that no SPP would be payable. Contractual provisions further provided for the former officers to be paid the Maximum SPP in the
event that either of them were terminated by the Company without cause even if a SPP would not otherwise be payable. In May 2010,
the Company terminated the former officers for cause.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the arbitration proceeding, the former
officers sought a determination that they were terminated by the Company without cause and, therefore, entitled to be paid their
portion of the Maximum SPP and the monthly remuneration that they would have been paid from the date of termination through the
end of their contractual employment period on December 31, 2011. On May 8, 2012, the Company received the arbitration decision
which accepted the former officers&rsquo; requests to declare that their employments were terminated without cause and determined
that, among other things, the non-compete clauses of each of the stock purchase agreement and management agreements were null and
non-applicable. The Company was ordered to pay to the former officers damages representing their portion of the Maximum SPP in
the aggregate amount of R$18,037,500 (approximately US$9 million at current exchange rates) and monthly remuneration from the date
of termination through December 31, 2011, which the Company estimates at an aggregate amount of R$1,150,000 (US$580,000). The arbitration
panel further ordered that the Company pay the former officers approximately R$450,000 (US$226,000) from an escrow account established
in connection with the acquisition and the Company is responsible for payment of 85% of the costs and arbitrators&rsquo; fees associated
with the arbitration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">If the Company is unable
to have the arbitral award set aside or if TD Bank were to determine that the initial arbitration decision is reasonably likely
to have a Material Adverse Effect on the Company, as such term is defined under the Company&rsquo;s loan and security agreement
with TD Bank (the &ldquo;Loan Agreement&rdquo;), it would cause an event of default under the Loan Agreement which would allow
TD Bank, at its option, to accelerate the loan. Furthermore, any write-downs resulting from the decision, whether or not final,
would result in a failure to comply with the financial covenants under the Loan Agreement and thus be an event of default thereunder,
which would allow TD Bank, at its option, to accelerate the loan. There is currently approximately $14,789,000 outstanding under
the Loan Agreement. In addition, depending upon future events, the Company may be required to write-off goodwill associated with
its Brazilian operations.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company strongly believes that the arbitration
decision is inconsistent with the underlying facts. The Company has worked with, and relied upon the advice of, leading law firms
in Brazil since the acquisition in 2008, including with respect to the preparation and negotiation of the management agreements
and the non-compete clauses contained therein, the determination that certain actions of the former officers constituted cause
allowing for their termination of employment, and its determination to institute an arbitration proceeding against the former officers.
The Company is continuing to work with counsel to determine and evaluate its options, in addition to those as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company further believes that its available
resources, together with additional outside funding through debt or equity financings or asset sales, will enable it to satisfy
any potential award adverse to the Company and continue its operations on a viable basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: May 14, 2012&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom; text-align: center; font: normal 10pt Times New Roman, Times, Serif">
    <TH STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TH>
    <TH STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TH></TR>
<TR STYLE="vertical-align: top; text-align: left; font: normal 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 50%; font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 50%; font: normal 10pt Times New Roman, Times, Serif">LAKELAND
INDUSTRIES, INC.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: normal 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: normal 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif"><I>&nbsp;/s/ Christopher J. Ryan</I></TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: normal 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif">Christopher
J. Ryan</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; font: normal 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: normal 10pt Times New Roman, Times, Serif">President
&amp; Chief Executive Officer</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="margin: 0"></P>

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[{"type": "8-K", "sequence": "1", "filename": "v313191_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 19042}]
{"company-data": {"conformed-name": "LAKELAND INDUSTRIES INC", "cik": "0000798081", "assigned-sic": "3842", "irs-number": "133115216", "state-of-incorporation": "DE", "fiscal-year-end": "0131"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-15535", "film-number": "12839625"}, "business-address": {"street1": "701-7 KOEHLER AVENUE", "city": "RONKONKOMA", "state": "NY", "zip": "11779", "phone": "6319819700"}, "mail-address": {"street1": "701- 7 KOEHLER AVENUE", "city": "RONKONKOMA", "state": "NY", "zip": "11779"}}
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): May 8, 2012
Lakeland
Industries, Inc.
(Exact name of registrant as specified in
its charter)
Delaware
0-15535
13-3115216
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
701
    Koehler Avenue, Suite 7, Ronkonkoma, New York
11779-7410
(Address of principal
    executive offices)
(Zip Code)
Registrant's telephone number, including
area code:
(631) 981-9700
Not
Applicable
(Former Name or Former Address, if Changed
Since Last Report)
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))
Item 8.01        Other Events.
Lakeland Industries, Inc. and its wholly-owned
subsidiary, Lakeland Brasil S.A. ("Lakeland Brasil" and together with Lakeland Industries, Inc., the "Company")
are parties to an arbitration proceeding in Brazil involving the Company and two former officers (the "former officers")
of Lakeland Brasil. On May 8, 2012, the Company received notice of an arbitral award in favor of the former officers as described
below. The Company plans to file on the date hereof a request for clarification of the award that may result in a modification
of the award. The award will not be final until the motion for clarification is decided, after which the Company may still file
a lawsuit to set aside the award in a State Civil Court in Brazil. The filing of the motion for clarification will stay enforcement
of the award. Given the difficulty in modifying or setting aside arbitration awards, there can be no assurance that the Company
will be successful in achieving any significant modifications to the arbitration award or to have it set aside.
The arbitration proceeding arose out of
the acquisition by the Company in 2008 of Qualytextil, S.A., a company of which the former officers were owners. In connection
with the acquisition, the Company entered into management agreements with the former officers and agreed to pay the former officers
a supplemental purchase price payment ("SPP"), calculated based upon the 2010 EBITDA of the acquired company, subject
to a cap (the "Maximum SPP"). Based upon actual results for 2010 as contractually specified, the Company determined
that no SPP would be payable. Contractual provisions further provided for the former officers to be paid the Maximum SPP in the
event that either of them were terminated by the Company without cause even if a SPP would not otherwise be payable. In May 2010,
the Company terminated the former officers for cause.
In the arbitration proceeding, the former
officers sought a determination that they were terminated by the Company without cause and, therefore, entitled to be paid their
portion of the Maximum SPP and the monthly remuneration that they would have been paid from the date of termination through the
end of their contractual employment period on December 31, 2011. On May 8, 2012, the Company received the arbitration decision
which accepted the former officers' requests to declare that their employments were terminated without cause and determined
that, among other things, the non-compete clauses of each of the stock purchase agreement and management agreements were null and
non-applicable. The Company was ordered to pay to the former officers damages representing their portion of the Maximum SPP in
the aggregate amount of R$18,037,500 (approximately US$9 million at current exchange rates) and monthly remuneration from the date
of termination through December 31, 2011, which the Company estimates at an aggregate amount of R$1,150,000 (US$580,000). The arbitration
panel further ordered that the Company pay the former officers approximately R$450,000 (US$226,000) from an escrow account established
in connection with the acquisition and the Company is responsible for payment of 85% of the costs and arbitrators' fees associated
with the arbitration.
If the Company is unable
to have the arbitral award set aside or if TD Bank were to determine that the initial arbitration decision is reasonably likely
to have a Material Adverse Effect on the Company, as such term is defined under the Company's loan and security agreement
with TD Bank (the "Loan Agreement"), it would cause an event of default under the Loan Agreement which would allow
TD Bank, at its option, to accelerate the loan. Furthermore, any write-downs resulting from the decision, whether or not final,
would result in a failure to comply with the financial covenants under the Loan Agreement and thus be an event of default thereunder,
which would allow TD Bank, at its option, to accelerate the loan. There is currently approximately $14,789,000 outstanding under
the Loan Agreement. In addition, depending upon future events, the Company may be required to write-off goodwill associated with
its Brazilian operations.
The Company strongly believes that the arbitration
decision is inconsistent with the underlying facts. The Company has worked with, and relied upon the advice of, leading law firms
in Brazil since the acquisition in 2008, including with respect to the preparation and negotiation of the management agreements
and the non-compete clauses contained therein, the determination that certain actions of the former officers constituted cause
allowing for their termination of employment, and its determination to institute an arbitration proceeding against the former officers.
The Company is continuing to work with counsel to determine and evaluate its options, in addition to those as described above.
The Company further believes that its available
resources, together with additional outside funding through debt or equity financings or asset sales, will enable it to satisfy
any potential award adverse to the Company and continue its operations on a viable basis.
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.
Date: May 14, 2012
LAKELAND
INDUSTRIES, INC.
/s/ Christopher J. Ryan
Christopher
J. Ryan
President
& Chief Executive Officer