BALA CYNWYD, Pa., June 9, 2003 (PRIMEZONE) -- Law offices of Brodsky & Smith, LLC today announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased the common stock and other securities of CRYO-CELL International, Inc. ("CRYO-CELL" or the "Company") (Nasdaq:CCELE) between, March 16, 1999 through May 20, 2003, inclusive (the "Class Period"). The class action lawsuit was filed in the United States District Court for the Middle District of Florida, Tampa Division.
The Complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of CRYO-CELL securities. On April 15, 2003, the Company issued a press release stating that it may be necessary to restate its financial results for fiscal years 2001 and 2002 because of improper recognition of revenue. On May 20, 2003, the Company issued another press release regarding the continued assessment of certain revenue recognition accounting policies. On this news, CRYO-CELL shares fell 14%.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased CRYO-CELL stock between March 16, 1999 and May 20, 2003, you have certain rights. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions.
You may contact Marc L. Ackerman, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.
More information on this and other class actions may be found on the Class Action Newsline at www.primezone.com/ca