CRYO-CELL Int’l, Inc. (OTC Bulletin Board: CCEL), a Florida-based stem cell banking firm, has announced the preliminary settlement of the securities class action pending against the company in the S.D. of Fla. The case, originally filed in 2003, alleges that there was improper recognition of revenue in the Company’s consolidated financial statements. The settlement is for $7 million, including a payment of $4 million by CRYO-CELL’s former auditors. CRYO-CELL states that the entire amount is covered, minus the applicable deductibles, by insurance.
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