Cryo-Cell Settles

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.

Leave a comment

Filed under Settlement

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s