SOURCE: Holzer Holzer & Fistel, LLC

Holzer Holzer & Fistel, LLC

June 18, 2009 11:59 ET

Holzer Holzer & Fistel, LLC Announces That a Shareholder Class Action Has Been Filed on Behalf of Purchasers of the Oppenheimer New Jersey Municipal Fund

ATLANTA, GA--(Marketwire - June 18, 2009) - Holzer Holzer & Fistel, LLC announces that a class action lawsuit has been filed in the United States District Court for the District of Colorado on behalf of all persons or entities who purchased Class A, Class B and/or Class C shares of the Oppenheimer New Jersey Municipal Fund (the "Fund") (NASDAQ: ONJAX) (NASDAQ: ONJBX) (NASDAQ: ONJCX) offered by OppenheimerFunds, Inc. ("OppenheimerFunds") between April 24, 2006 and October 21, 2008, inclusive (the "Class Period").

The lawsuit alleges that OppenheimerFunds, along with other defendants, violated the Securities Act of 1933 by misrepresenting the Fund's investment strategy. The complaint also alleges that material facts were omitted from the Registration Statements/Prospectuses issued in connection with the offerings of these Funds. The complaint further alleges the Defendants failed to disclose the true risks associated with the Fund's investment in "inverse floaters," which are complex, derivative securities.

If you purchased or held shares of the 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 by June 23, 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. Holzer Holzer & Fistel, LLC has paid for the dissemination of this promotional communication, and Michael I. Fistel, Jr. is the attorney responsible for its content.