SOURCE: Kantrowitz, Goldhamer & Graifman, P.C.

April 24, 2009 17:12 ET

Kantrowitz, Goldhamer & Graifman, P.C. Files Class Action Lawsuit Against Oppenheimer New Jersey Municipal Fund (NASDAQ: ONJAX, ONJBX, ONJCX)

MONTVALE, NJ--(Marketwire - April 24, 2009) - The law firm of Kantrowitz, Goldhamer & Graifman, P.C., announced today that it has filed a class action complaint in the U.S. District Court for the District of New Jersey against Oppenheimer New Jersey Municipal Fund (the "Fund") (NASDAQ: ONJAX) (NASDAQ: ONJBX) (NASDAQ: ONJCX) on behalf of all persons who purchased Class A and/or Class B and/or Class C shares of the Fund from April 24, 2006 through and including October 21, 2008 (the "Class Period") pursuant to various Registration Statements and Prospectuses issued by the Fund during the Class Period.

The complaint alleges that the Fund and certain of its trustees and officers and also Oppenheimer Funds, Inc., violated sections of the Securities Act of 1933, which prohibits materially false and misleading statements in registration statements and prospectuses of the kind used to sell shares in the Fund.

In addition, the Fund failed to disclose that its use of derivative instruments known as "inverse floaters" which, under certain conditions, could (and did) effectively force the Fund to sell securities from its portfolio regardless of market conditions. In or around October 2008, the Fund filed a prospectus supplement alerting investors of the true risks of its investments -- the same risks that existed in 2006, 2007, and throughout 2008. By October 2008, however, those risks had already manifested themselves dealing substantial losses to investors causing shares to lose approximately 30% of their net asset value between January 2008 and October 2008.

Plaintiffs seek to recover damages on their own behalf and on behalf of the Class and are represented by the law firm of Kantrowitz, Goldhamer & Graifman, P.C. The firm has significant experience successfully prosecuting complex securities fraud class actions on behalf of defrauded investors.

If you engaged in transactions of Oppenheimer New Jersey Municipal Fund securities during the Class Period, you may, not later than June 23, 2009, move the court to be appointed as lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to this matter, please contact: Gary S. Graifman, Esq., at Kantrowitz, Goldhamer & Graifman, P.C., toll-free at 800-660-7843 or via email at or by writing to Kantrowitz, Goldhamer & Graifman, 210 Summit Avenue, Montvale, New Jersey 07645.

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