SOURCE: Dyer & Berens LLP

February 27, 2009 13:56 ET

Dyer & Berens LLP Announces That a Class Action Lawsuit Has Been Filed on Behalf of Certain Investors Who Acquired Shares of the Oppenheimer Champion Income Fund (OPCHX, OCHBX, OCHCX, OCHNX, OCHYX)

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 District of Colorado on behalf of two proposed classes of Oppenheimer Champion Income Fund (the "Fund") (NASDAQ: OPCHX) shareholders: (i) the first under state law claiming breach of contract; and (ii) the second under federal law on behalf of investors who acquired Fund shares traceable to a false and misleading Registration Statement and Prospectus between November 1, 2006 and December 31, 2008. The five classes of Fund shares included in the lawsuit are: (NASDAQ: OPCHX) (NASDAQ: OCHBX) (NASDAQ: OCHCX) (NASDAQ: OCHNX) (NASDAQ: OCHYX).

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 classes, 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 and state law, and alleges that they registered, marketed and sold the Fund as a conservative high income fund or at least a high income fund that was not dramatically riskier than the high income/intermediate fund peer group. Defendants allegedly portrayed the Fund as a diversified, higher-yielding Fund that may be appropriate as part of a retirement plan portfolio. However, the complaint alleges that the Fund was substantially more risky than represented because it took huge gambles on mortgage-backed securities and illiquid derivatives that eventually caused the Fund to crash.

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 in Colorado 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