SOURCE: Dyer & Berens LLP

June 23, 2009 18:20 ET

Dyer & Berens LLP Announces Monday, July 13, 2009 Lead Plaintiff Deadline for Certain Investors Who Purchased or Acquired Shares of the Oppenheimer AMT-Free Municipals Fund -- (OPTAX, OTFBX, OMFCX)

DENVER, CO--(Marketwire - June 23, 2009) - Dyer & Berens LLP (www.DyerBerens.com) today announced that Monday July 13, 2009 is the lead plaintiff deadline in the class action lawsuits filed on behalf of all persons or entities who, between May 13, 2006 and October 21, 2008, purchased or acquired shares of the Oppenheimer AMT-Free Municipals Fund (NASDAQ: OPTAX), (NASDAQ: OTFBX) (NASDAQ: OMFCX).

For a free consultation regarding your rights and interests with respect to the pending lawsuit, you may contact Jeffrey A. Berens, Esq. at (888) 300-3362, (303) 861-1764 or via email jeff@dyerberens.com. If you are a member of the proposed class, you may request that the court appoint you as a lead plaintiff. Any such request must satisfy certain criteria and must be brought prior to the upcoming July 13, 2009 deadline. A lead plaintiff is a class member that acts on behalf of other investors in directing the litigation. Although your ability to share in any recovery is not affected by your decision to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for the class.

The complaints accuse defendants of violations of the federal securities laws, and allege that the Fund's Registration Statements and Prospectuses misrepresented the Fund and failed to disclose material facts about its risks and investment strategies. Specifically, defendants allegedly failed to disclose that: (1) the AMT-Free Fund's investments in "inverse floater" securities exposed it to the risk that it would be forced to sell, upon certain occurrences relating to the inverse floater securities, other securities in its portfolio at fire-sale prices; and (2) the AMT-Free Fund represented in the Registration Statements that only 15% of its assets would be invested in illiquid securities. In fact, the AMT-Free Fund invested more than 15% of its funds in illiquid securities, including illiquid "tobacco bonds."

While Dyer & Berens LLP has not filed a complaint in this matter, it currently represents investors in similar cases against OppenheimerFunds, Inc. and others. Dyer & Berens LLP specializes in complex class action litigation on behalf of injured investors throughout the nation. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. For more information about the firm, please go to www.DyerBerens.com.

Contact Information

  • Contact:
    Jeffrey A. Berens
    Dyer & Berens LLP
    682 Grant Street
    Denver, CO 80203
    Tel: (888) 300-3362 or (303) 861-1764
    Email: Email Contact