SOURCE: Brower Piven, A Professional Corporation

February 18, 2009 16:26 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Oppenheimer Champion Income Fund to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the April 14, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - February 18, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of all purchasers who purchased or held shares of the Oppenheimer Champion Income Fund ("Champion Fund" or the "Fund") (NASDAQ: OPCHX) (NASDAQ: OCHBX) (NASDAQ: OCHCX) (NASDAQ: OCHNX) (NASDAQ: OCHYX) offered by OppenheimerFunds, Inc. ("OppenheimerFunds, Inc.") during the period between January 26, 2007 and December 9, 2008, inclusive (the "Class Period"), including in connection with its January 26, 2007 and January 25, 2008 offerings ("Offerings").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 14, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through hoffman@browerpiven.com or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Act of 1933 (on behalf of those who purchased the Fund on the January 26, 2007 or January 25, 2008 offerings ("Offerings"), the Securities Exchange Act of 1934 (on behalf of those who purchased the Fund between January 26, 2007 and December 9, 2008, inclusive (i.e., during the Class Period) and the Investment Company Act of 1940 (on behalf of holders of Fund shares) by virtue of the Company's failure to disclose during the Class Period that the Fund had altered its investment style (that it would not take on any undue risk) and began to significantly increase its risk in the hopes of seeking higher returns, including by dramatically increasing its use of derivative instruments, purchasing highly unstable mortgage-related and corporate bonds and significantly increasing its leverage exposure. According to the complaint, as the Fund's extent of liquidity risk due to the illiquid nature of a large portion of the Fund's portfolios, the extent of the Fund's risk exposure to derivatives and other high risk instruments, and the extent of the Fund's leverage exposure became known, the value of the Fund's shares declined significantly.

If you have suffered a net loss for all transactions in Oppenheimer Funds during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    410/986-0036
    Email Contact