UNITED STATES
SECURITIES AND EXCHANGE COMISSION
WASHINGTON, D.C. 20549
FORM 13F
FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: March 31, 2012
Check here if Amendment []; Amendment Number:

This Amendment:		[] is a restatement
			[] adds new holdings entries

Institutional Money Manager Filing the Report:
			Name:			Lapides Asset Management, LLC
			Address:		500 West Putnam Avenue
						4th Floor
						Greenwich, CT 06830
			13F File Number:	028-12084

The institutional investment manager filing this report and the person by
whom it is signed hereby represent that the person signing the report is
authorized to submit it, that all information contained herein is true,
correct and complete, and that it is understood that all required items,
statements, schedules, lists, and tables, are considered integral parts of
this submission.

Person Signing this Report on Behalf of Reporting Manager:

Name:			Anne Selkovits
Title:			Compliance Associate
Phone:			203-422-7202
Signature,		Place,			and Date of Signing,
Anne Selkovits		Greenwich, CT		May 8, 2012
Report Type:		[X]	13F HOLDINGS REPORT
			[]	13F NOTICE
			[]	13F COMBINATION REPORT
List of Other Managers Reporting for this Manager:


FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers:		0
Form 13F Information Table Entry Total:	87
Form 13F Information Table Value Total:	$761,733

List of Other Included Managers:		0

No. 13F File Number	Name


					
FORM 13F INFORMATION TABLE

			Value	Shares/	Sh/	Put/	Invstmt	Other					Voting 	Authority
Name of Issuer	Title of class	CUSIP	(x$1000)	Prn Amt	Prn	Call	Dscretn	Managers	Sole	Shared	None
-------------------------	--------------	---------	--------	-------	---	----	-------	----------	------	------	-------
Aarons Inc	COM	002535300	20287	783300	SH		Sole		719150	0	64150
ABM Industries Inc	COM	000957100	5543	228100	SH		Sole		228100	0	0
Acco Brands Corp	COM	00081t108	8480	683300	SH		Sole		462200	0	221100
Accuray Inc	COM	004397105	10768	1525200	SH		Sole		1071200	0	454000
Acxiom Corp	COM	005125109	11955	814400	SH		Sole		682200	0	132200
AFC Enterprises Inc	COM	00104q107	617	36400	SH		Sole		14500	0	21900
Albany Intl Corp Cl A	COM	012348108	3674	160100	SH		Sole		111800	0	48300
Alliance Data Systems Corp	COM	018581108	5416	43000	SH		Sole		43000	0	0
Amdocs Ltd	COM	g02602103	25062	793600	SH		Sole		793600	0	0
American Software Inc Cl A	COM	029683109	1722	200800	SH		Sole		114000	0	86800
Amphenol Corp Cl A	COM	032095101	4919	82300	SH		Sole		82300	0	0
AngioDynamics Inc	COM	03475v101	5641	460500	SH		Sole		341500	0	119000
Ashland Inc	COM	044209104	2986	48900	SH		Sole		48900	0	0
Avery Dennison Corp	COM	053611109	5330	176900	SH		Sole		176900	0	0
Avnet Inc	COM	053807103	17249	474000	SH		Sole		474000	0	0
Avon Products Inc	COM	054303102	4099	211700	SH		Sole		211700	0	0
Ball Corp	COM	058498106	15544	362500	SH		Sole		362500	0	0
Bally Technologies Inc	COM	05874b107	25535	546200	SH		Sole		546200	0	0
Belden Inc	COM	077454106	3268	86200	SH		Sole		58000	0	28200
Brady Corp Cl A	COM	104674106	6111	188900	SH		Sole		153100	0	35800
Bridgepoint Education Inc	COM	10807m105	15565	628900	SH		Sole		505900	0	123000
Broadridge Financial Solution 	COM	11133t103	25842	1080800	SH		Sole		1080800	0	0
Buckeye Technologies Inc	COM	118255108	5000	147200	SH		Sole		119100	0	28100
Checkpoint Systems Inc	COM	162825103	20591	1825400	SH		Sole		1661300	0	164100
Ciber Inc	COM	17163b102	5344	1260300	SH		Sole		878900	0	381400
Consolidated Graphics Inc	COM	209341106	6584	145500	SH		Sole		97300	0	48200
Crown Holdings Inc	COM	228368106	2976	80800	SH		Sole		80800	0	0
CSG Systems Intl Inc	COM	126349109	5693	376000	SH		Sole		257800	0	118200
Electro Rent Corp	COM	285218103	3564	193600	SH		Sole		131000	0	62600
Euronet Worldwide Inc	COM	298736109	4569	218700	SH		Sole		157900	0	60800
FMC Corp	COM	302491303	6648	62800	SH		Sole		62800	0	0
Fuller H B Co	COM	359694106	1825	55600	SH		Sole		55600	0	0
Gildan Activewear Inc	COM	375916103	13431	487500	SH		Sole		487500	0	0
Harman Intl Industries Inc	COM	413086109	30160	644300	SH		Sole		594900	0	49400
Harsco Corp	COM	415864107	4816	205300	SH		Sole		205300	0	0
Henry Schein Inc	COM	806407102	4314	57000	SH		Sole		57000	0	0
Hill International Inc	COM	431466101	2968	755300	SH		Sole		401000	0	354300
Huron Consulting Group Inc	COM	447462102	4838	128800	SH		Sole		87200	0	41600
Iconix Brand Group Inc	COM	451055107	3123	179700	SH		Sole		72500	0	107200
IIVI Inc	COM	902104108	683	28900	SH		Sole		28900	0	0
Insperity Inc	COM	45778q107	16417	535800	SH		Sole		483000	0	52800
Intermec Inc	COM	458786100	6439	833000	SH		Sole		590900	0	242100
iRobot Corp	COM	462726100	635	23300	SH		Sole		23300	0	0
ITT Educational Services Inc	COM	45068b109	21383	323300	SH		Sole		323300	0	0
JDA Software Group Inc	COM	46612k108	10217	371800	SH		Sole		312500	0	59300
KAR Auction Services Inc	COM	48238t109	4725	291500	SH		Sole		291500	0	0
Kid Brands Inc	COM	49375t100	1961	726300	SH		Sole		336500	0	389800
Laboratory Corp America 	COM	50540r409	4055	44300	SH		Sole		44300	0	0
Learning Tree Intl Inc	COM	522015106	5543	926900	SH		Sole		819400	0	107500
Lincoln Educational Services 	COM	533535100	949	120000	SH		Sole		50400	0	69600
Lumber Liquidators Holdings 	COM	55003t107	2817	112200	SH		Sole		45300	0	66900
Maidenform Brands Inc	COM	560305104	6368	282900	SH		Sole		204800	0	78100
McGrath RentCorp	COM	580589109	3359	104600	SH		Sole		69100	0	35500
Measurement Specialties Inc	COM	583421102	4694	139300	SH		Sole		56200	0	83100
Minerals Technologies Inc	COM	603158106	8117	124100	SH		Sole		109200	0	14900
Mobile Mini Inc	COM	60740f105	27573	1305520	SH		Sole		1197620	0	107900
Molex Inc	COM	608554101	14296	508400	SH		Sole		508400	0	0
Monster Worldwide Inc	COM	611742107	27356	2805700	SH		Sole		2564400	0	241300
NCR Corp	COM	62886e108	9346	430480	SH		Sole		430480	0	0
NeuStar Inc Cl A	COM	64126x201	20085	539200	SH		Sole		539200	0	0
Nutri Systems Inc	COM	67069d108	2399	213600	SH		Sole		141700	0	71900
Old Dominion Freight Lines 	COM	679580100	17075	358200	SH		Sole		306750	0	51450
Packaging Corp America	COM	695156109	1154	39000	SH		Sole		39000	0	0
Parametric Technology Corp	COM	699173209	28963	1036600	SH		Sole		1036600	0	0
Parexel Intl Corp	COM	699462107	9008	334000	SH		Sole		264000	0	70000
Penford Corp	COM	707051108	865	127900	SH		Sole		51300	0	76600
Plantronics Inc	COM	727493108	4457	110700	SH		Sole		82200	0	28500
Regis Corp Minn	COM	758932107	1567	85000	SH		Sole		32400	0	52600
Richardson Electronics Ltd	COM	763165107	785	65500	SH		Sole		25900	0	39600
Rimage Corp	COM	766721104	1674	167200	SH		Sole		65300	0	101900
Rock-Tenn Co Cl A	COM	772739207	36199	535800	SH		Sole		535800	0	0
Rockwood Holdings Inc	COM	774415103	725	13900	SH		Sole		13900	0	0
Royal Caribbean Cruises Ltd	COM	v7780t103	14686	499000	SH		Sole		499000	0	0
Sally Beauty Holdings Inc	COM	79546e104	8040	324200	SH		Sole		266200	0	58000
SEI Investments Co	COM	784117103	20220	977300	SH		Sole		977300	0	0
Solera Holdings Inc	COM	83421a104	441	9600	SH		Sole		9600	0	0
Standard Parking Corp	COM	853790103	4611	224926	SH		Sole		150826	0	74100
Summer Infant Inc	COM	865646103	760	126600	SH		Sole		126600	0	0
Tetra Tech Inc	COM	88162g103	7887	299200	SH		Sole		299200	0	0
Transcend Services Inc	COM	893929208	1790	61000	SH		Sole		24400	0	36600
Trex Co Inc	COM	89531p105	4523	141000	SH		Sole		92900	0	48100
United Stationers Inc	COM	913004107	5787	186500	SH		Sole		186500	0	0
Varian Med Systems Inc	COM	92220p105	3020	43800	SH		Sole		43800	0	0
Warnaco Group Inc	COM	934390402	3317	56800	SH		Sole		56800	0	0
Western Union Co	COM	959802109	19473	1106400	SH		Sole		1106400	0	0
Zebra Technologies Corp Cl A	COM	989207105	12963	314800	SH		Sole		314800	0	0
ISHARES Trust		RUSL2000VALU    464287630    270        3700    SH	    Sole                   3700    0       0