Exhibit 99.01

FOR IMMEDIATE RELEASE
Contact:
Fran Barsky
Investor Relations Manager
Cree, Inc.
(T) 919-313-5397
(F) 919-313-5452
email: fran_barsky@cree.com

                     Brother of Cree Chairman Brings Lawsuit

Durham, NC, June 13, 2003 - Cree, Inc. (Nasdaq: CREE), announced today that a
lawsuit has been filed in federal district court in Greensboro, North Carolina
by former Cree CEO and current part-time employee, Eric Hunter, and his wife,
Jocelyn Hunter. The suit names Neal Hunter, Eric Hunter's brother and current
Cree Chairman, and Cree, Inc. as defendants. Based upon its preliminary review,
the company believes that the allegations are without merit and arise in part
from personal and family matters. It intends to defend the case vigorously.

The complaint alleges that the defendants have defamed Eric Hunter by making
unspecified false statements about him to members of his family and individuals
associated with Cree. It also asserts that beginning in August 1995 the
defendants violated employment and federal securities laws and have sought to
discourage the plaintiffs from pursuing legal remedies or reporting matters to
securities regulators. Eric Hunter and his wife seek personally to recover
damages in excess of $3 billion for unspecified harm resulting from the alleged
conduct of the defendants, as well as an injunction against future harassment.

Cree is an advanced semiconductor company that leverages its expertise in
silicon carbide, gallium nitride and silicon materials technology to produce new
and enabling semiconductors. The products include blue, green and ultraviolet
(UV) light emitting diodes, near UV lasers, radio frequency and microwave
devices, and power switching devices. Applications for these products include
solid state illumination, optical storage, wireless infrastructure and power
switching. For more information on Cree, please visit www.cree.com.

Cautionary Statement

Statements in this press release that are not solely historical in nature may
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve risks and uncertainties, both known and unknown, that may cause actual
results to differ materially from those indicated, including the risks and
uncertainties of litigation generally, and employment, securities and defamation
litigation in particular; the substantial expense of such litigation regardless
of its outcome; the substantial management time and attention required by such
litigation; and other factors discussed in our filings with the Securities and
Exchange Commission, including our report on Form 10-K for the year ended June
30, 2002 and subsequent reports.

Cree and the Cree logo are registered trademarks of Cree, Inc.