SOURCE: Brower Piven, A Professional Corporation

April 28, 2009 14:26 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $75,000 From Investment in Oppenheimer New Jersey Municipal Fund to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the June 23, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - April 28, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of all persons who purchased Class A (NASDAQ: ONJAX) and/or Class B (NASDAQ: ONJBX) and/or Class C (NASDAQ: ONJCX) shares of Oppenheimer New Jersey Municipal Fund (the "Fund") from April 24, 2006 through October 21, 2008, inclusive (the "Class Period") pursuant to various Registration Statements and Prospectuses issued by the Fund during the Class Period.

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 June 23, 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 Company's failure to disclose in the Fund's Registration Statement and Prospectus its use of derivative instruments known as "inverse floaters" which, under certain conditions, could (and did) effectively force the Fund to sell securities from its portfolio regardless of market conditions. According to the complaint, in October 2008, the Company revealed in a supplemental prospectus the previously undisclosed risks which had existed, unbeknownst to investors, since 2006, and such risks had manifested themselves through an approximately 30% decline in the net asset value of the Fund between January and October 2008.

If you have suffered a net loss for all transactions in Oppenheimer New Jersey Municipal Fund Class A, B and/or 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