SOURCE: Dyer & Berens LLP

February 27, 2009 17:42 ET

Dyer & Berens LLP Announces That a Class Action Lawsuit Has Been Filed on Behalf of Certain Investors Who Purchased Shares of the Oppenheimer California Municipal Bond Fund (OPCAX, OCABX, OCACX)

DENVER, CO--(Marketwire - February 27, 2009) - Dyer & Berens LLP (www.DyerBerens.com) today announced that a class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of Oppenheimer California Municipal Bond Fund (the "Fund") (NASDAQ: OPCAX) (NASDAQ: OCABX) (NASDAQ: OCACX) investors who purchased the Fund between September 27, 2006 and November 28, 2008 (the "Class").

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 at 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 statutory 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 complaint accuses the defendants of violations of the Securities Act of 1933, the Investment Company Act and state law, and alleges that the Fund's Registration Statement and Prospectus misled investors about the Fund's investment objectives and underlying risk by describing the Fund as seeking current income "consistent with preservation of capital." According to the complaint, the Fund's investment policies were formulated and its operations were conducted virtually in complete disregard for preservation of capital, and as a result during the Class Period, it lost 45% of its net asset value. The Fund's policies that were allegedly inconsistent with preservation of capital included: (1) overconcentration of bonds whose credit quality was largely at the lowest investment grade or below investment grade (junk bonds), amounting to 78% of the Fund's portfolio; (2) overconcentration of unrated bonds whose sole rating was established by the Fund's internal modeling, amounting to over 60% of the Fund's portfolio; (3) overconcentration in higher risk securities, such as Tobacco Bonds, Dirt Bonds, and Inverse Floaters; and (4) overconcentration of assets in the California real estate market during a time when that market was facing serious financial problems.

While Dyer & Berens LLP has not at this time filed a complaint in this matter, it 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