Kirby, McInerney & Squire LLP Announces Class Action Lawsuit on Behalf of CRYO-CELL Investors -- CCELE

New York, New York, UNITED STATES

NEW YORK, June 17, 2003 (PRIMEZONE) -- The law firm of Kirby McInerney & Squire, LLP announces that a class action lawsuit has been commenced in the United States District Court for the Middle District of Florida on behalf of all purchasers of CRYO-CELL Corporation (``CRYO-CELL'' or the ``Company'') (Nasdaq:CCELE) common stock during the period from March 16, 1999 through May 20, 2003, inclusive (the ``Class Period'').

Please visit our website, which offers summary and detailed information concerning the suit at or contact us by phone at (888) 529-4787 or by email at for more information.

The action charges CRYO-CELL and certain of its senior officers with violations of Sections 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. The alleged violations stem from the dissemination of false and misleading statements, which had the effect -- during the Class Period - of artificially inflating the price of CRYO-CELL's shares.

During the Class Period, the Company issued statements that failed to disclose and/or misrepresented the following adverse facts, among others: (1) that the Company had materially overstated its earnings, net income and earnings per share; (2) that the Company continually recognized revenue in violation of generally accepted accounting principles and the Company's own internal accounting principles with respect to the following: (a) related-party transactions; (b) revenue sharing agreements; and (c) revenue recognition for the sale Area Licenses; (3) that the Company lacked adequate internal controls and was therefore unable to ascertain the true financial condition of the Company; and (4) that as a result, the Company's financial results were materially overstated at all relevant times.

On April 15, 2003, the Company issued a press release wherein it disclosed that it may be necessary to restate its financial results for fiscal years 2001 and 2002 because of improper recognition of revenue. Shortly thereafter, on May 20, 2003, the Company issued a press release announcing the resignation of its auditor, Ernst & Young LLP and the Company's continued assessment of certain revenue recognition accounting policies. On news of this, Cryo-Cell shares fell 14%.

Kirby McInerney & Squire, LLP has specialized in complex litigation, including securities class actions, for several decades. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general, or about the role of the lead plaintiff in a securities class action can be obtained through Kirby McInerney & Squire's website at

If you are a member of the class described above, you may, no later than August 2, 2003, move the Court to serve as lead plaintiff of the class, if you so choose, pursuant to the Private Securities Litigation Reform Act of 1995 (the ``PSLRA''), 15 U.S.C. section 78u-4(a). A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to seek appointment as a lead plaintiff. For more information about the case, its claims, and your rights, you can contact:

 Ira M. Press, Esq.
 Elaine Mui

 830 Third Avenue, 10th Floor
 New York, New York  10022
 Telephone:  (212) 317-2300
 or Toll Free (888) 529-4787

More information on this and other class actions can be found on the Class Action Newsline at