SOURCE: Dyer & Berens LLP

June 15, 2009 17:37 ET

Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Investors Who Purchased or Held Shares of the Oppenheimer Pennsylvania Municipal Fund Between 11/8/05 and 11/28/08; Announces Upcoming Investor Deadline -- OPATX, OPABX, OPACX

DENVER, CO--(Marketwire - June 15, 2009) - Dyer & Berens LLP (www.DyerBerens.com) today announced that it has filed a class action lawsuit in the United States District Court for the District of Colorado, on behalf of investors who purchased or held shares of the Oppenheimer Pennsylvania Municipal Fund ("Pennsylvania Fund" or the "Fund") offered by OppenheimerFunds, Inc. (NASDAQ: OPATX) (NASDAQ: OPABX) (NASDAQ: OPACX) between November 8, 2005 and November 28, 2008, inclusive (the "Class Period"), including in connection with its November 28, 2005, September 27, 2006, March 5, 2007 and November 28, 2007 offerings. The complaint charges the Pennsylvania Fund and certain of its officers and directors with violations of the federal securities laws.

If you wish to serve as a lead plaintiff, you must move the court no later than June 29, 2009. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiffs' counsel, Jeffrey A. Berens, Esq., at (888) 300-3362, (303) 861-1764, or via email at jeff@dyerberens.com. Any member of the putative class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint alleges that while the Fund promoted itself as focusing on capital preservation and being safer than a high yield municipal bond fund, unbeknownst to investors, the Fund altered its investment style and began to significantly increase its risk in the hopes of seeking higher returns. The Fund's shares collapsed beginning in late September 2008 and continuing through February 2009 when it began to acknowledge the serious deterioration in its portfolio.

Plaintiffs seek to recover damages on behalf of Pennsylvania Fund investors. Plaintiffs are represented by Dyer & Berens LLP, which has expertise in prosecuting investor class actions involving financial fraud. 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
    Website: www.DyerBerens.com