SOURCE: Holzer Holzer & Fistel, LLC

February 19, 2009 16:03 ET

Holzer Holzer & Fistel, LLC Announces That It Has Filed a Shareholder Class Action Concerning the Oppenheimer Champion Income Fund

ATLANTA, GA--(Marketwire - February 19, 2009) - Holzer Holzer & Fistel, LLC announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or held shares of the Oppenheimer Champion Income Fund ("Champion Fund" or the "Fund") (NASDAQ: OPCHX) (NASDAQ: OCHBX) (NASDAQ: OCHCX) (NASDAQ: OCHNX) (NASDAQ: OCHYX) offered by OppenheimerFunds, Inc. ("OppenheimerFunds") between January 26, 2007 and December 9, 2008, inclusive (the "Class Period"), including in connection with its January 26, 2007 and January 25, 2008 offerings (the "Offerings").

The complaint charges the Champion Fund, OppenheimerFunds and certain of its officers and directors with violations of the Securities Exchange Act of 1934, the Securities Act of 1933 and the Investment Company Act of 1940. As alleged in the complaint, the Champion Fund is an open-ended fixed income mutual fund launched and managed by OppenheimerFunds.

The complaint alleges that due to defendants' positive, but false, statements, investors purchased and/or continued to hold shares in the Fund. The complaint alleges that the Champion Fund was a typical high-yield bond fund until late 2006 when, unbeknownst to investors, the Fund altered its investment style and began to significantly increase its risk in the hopes of seeking higher returns, including by dramatically increasing its use of derivative instruments, purchasing highly unstable mortgage-related and corporate bonds and significantly increasing its leverage exposure. The complaint also alleges that the defendants concealed that the Champion Fund had increased its exposure with these excessively risky bets in the hopes of higher returns, such that investors remained unaware of these additional risk exposures.

If you purchased or held of shares of the above-referenced Fund during the Class Period, you have the legal right to petition the Court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be made within 60 days from February 13, 2009. Any member of the purported 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. If you are a Fund investor and would like to discuss a potential lead plaintiff appointment, or your rights and interests with respect to the lawsuit, you may contact Michael I. Fistel, Jr., Esq., or Marshall P. Dees, Esq. via email at mfistel@holzerlaw.com, or mdees@holzerlaw.com, or via toll-free telephone at (888) 508-6832.

Holzer Holzer & Fistel, LLC is an Atlanta, Georgia law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, www.holzerlaw.com and upon request from the firm.