SOURCE: Brower Piven, A Professional Corporation

June 23, 2009 16:17 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Oppenheimer AMT-Free New York Municipals Class A, B and C Shares to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the August 7, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - June 23, 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 purchasers of shares of Oppenheimer AMT-Free New York Municipals (the "Fund") during the period between May 21, 2006 and October 21, 2008, inclusive (the "Class Period"). Included are the Fund's Class A, B and C shares, respectively (NASDAQ: OPNYX) (NASDAQ: ONYBX) and (NASDAQ: ONYCX).

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 August 7, 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 by virtue of the Fund's failure to disclose in the prospectuses and other sales materials employed in selling and marketing the Fund that the Fund employed strategies designed to enhance its reported returns while, at the same time, these strategies exposed the Fund to a much greater risk of price declines in the value of its portfolio securities in the event of illiquidity in the market for municipal securities and that these strategies exposed the Fund to substantially greater risk of loss should the Fund be forced to sell large blocks of portfolio securities at disadvantageous times at prices reduced from those at which the securities were previously carried on the Fund's books. According to the complaint, when these risks materialized, the value of Oppenheimer AMT-Free New York Municipals Fund's shares declined significantly.

If you have suffered a net loss for all transactions in Oppenheimer AMT-Free New York Municipals Class A, B and C shares 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