Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit in the United States District Court for the Middle District of Florida, Tampa Division, on behalf of all persons who purchased the common stock of Cryo-Cell International, Inc. ('Cryo-Cell' or the 'Company') [NASDAQ:CCCEC] between March 16, 1999 and May 20, 2003, inclusive (the 'Class Period'), against Cryo-Cell and certain officers of the Company.

The original case name is Basch v. Cryo-Cell International, Inc., et al.

Throughout the Class Period, defendants issued numerous false financial statements that artificially inflated reported revenues, earnings, and assets. Specifically, the Company repeatedly: recognized revenue in violation of generally accepted accounting principles, including the Company's own internal accounting principles; maintained worthless assets on its balance sheets as collectible receivables; and failed to disclose related party transactions, among other things.

On April 14, 2003, the Company announced that it was considering whether it would restate its financial statements in light of certain now-perceived revenue recognition problems. On May 20, 2003, the end of the Class Period, Cryo-Cell announced that Ernst & Young LLP, its newly-approved auditor, had resigned as the Company's auditor. The Company also announced that it was working with its former auditor on its anticipated restatement of financial results. During the Class Period, the Company's stock hit a high of about $12, and for much of that time it traded in the $4-$6 range. At the close of business on July 7, 2003, the stock finished trading at $0.92.

Additional cases were filed on behalf of investors. On August 4, 2003, motions were made to consolidate the various cases and appoint lead plaintiff and counsel. On October 22, 2003, the Court consolidated the cases, Lead Case No. 8:03-CV-1011-T-17EAJ. On February 17, 2004, the Court appointed lead plaintiffs and co-lead counsel. Plaintiffs filed a consolidated complaint on April 27, 2004. Please click on the link to the right to view the operative complaint in this action. The parties then participated in mediation conferences.

In November 2004, the Court granted preliminary approval to a $7,000,000 settlement on behalf of all purchasers of Cryo-Cell common stock between March 16, 1999 and June 27, 2003. Please click the links to the right to view the Notice of Settlement and Claim Form in this action. In order to share in the proceeds of this settlement, you must submit a valid proof of claim form to the claims administrator postmarked no later than March 18, 2005. The settlement is still subject to final judicial approval. A settlement fairness hearing will be held on February 25, 2005.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 60 attorneys in various practice areas and offices in Chicago, New York City and San Diego. The reputation and expertise of this firm in shareholder and other class litigation have been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York 10016, or by telephone at (800) 575-0735 (Fred Taylor Isquith, Esq., Gregory M. Nespole, Esq., Michael J. Miske, Esq., George Peters, Esq., or Derek Behnke).