Lakland has put out new models over the past 15 years. The 44-51 (and M variant), the AJ basses, and the short-scale hollowbody.
They also rolled out Hanson guitars, and recently two Lakland-branded guitars.
They also switched over to their own pickups and preamp in all of their basses (Ps, Js, the LH-3 system, Chi-sonics, and the pickups in the SS hollowbody).
And over that period they bought a PLEK machine, a CNC machine, and started cutting and painting bodies in-house.
Finally, they introduced the US Classic line to get US models to a lower price point. (Note that others, such as Sadowsky, have since done similar things.)
Not bad considering the company nearly went under before a change in ownership during this time.
You could argue that those instruments (other than the Hanson guitars) don't represent much innovation, and I wouldn't disagree. But it has become painfully obvious that innovation isn't what sells these days. Everybody and their brother makes Fender-style stuff--even EBMM did for a couple years. The only bass builder I can think of that has made a significant splash in the marketplace in recent years is Sire, and virtually all they make (other than the M7) are lower-priced J and P copies.