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July 2, 2014
16:25 EDTLAKELakeland Industries sees $380K charge on Brazil labor proceeding
Lakeland Industries disclosed that on June 26 Lakeland Brazil, a wholly-owned subsidiary of Lakeland Industries, received notice of a court judgment entered against it in a labor proceeding in Brazil in the amount of approximately $1,086,000. Based on the advice of Brazilian counsel handling the action, the company had not anticipated a judgment to be entered against Lakeland Brazil in this proceeding, if at all, in excess of $45,000, $R100,000, which amount was deemed not material and therefore not previously disclosed. The company added, "Lakeland Brazil is working with, and relying upon the advice of, new legal counsel and accountants in Brazil and intends to appeal the judgment on the basis that, among other things, the judgment is mathematically incorrect. Based on review of the case with our new legal counsel and based upon their assessments of our likelihood to prevail on appeal, the company will take a charge to earnings of $380,000, which is our estimate of what the outcome will ultimately be on this case." As a result of this and other recent developments in Brazil, Lakelandís Board of Directors has decided to explore all strategic options for Brazil.
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