SOURCE: Rosen Law Firm

February 27, 2009 20:00 ET

The Rosen Law Firm Announces That a Securities Class Action Has Been Filed Against Rochester Fund Municipals -- RMUNX, RMUBX, RMUCX

NEW YORK, NY--(Marketwire - February 27, 2009) - The Rosen Law Firm, P.A. announces that a securities class action lawsuit was commenced on behalf of purchasers of A, B and C shares of Rochester Fund Municipals ("Rochester Fund" or the "Fund") (NASDAQ: RMUNX) (NASDAQ: RMUBX) (NASDAQ: RMUCX) from February 26, 2006 through October 21, 2008 ("Class Period").

To join the Rochester Fund class action, go to the website at http://www.rosenlegal.com or call Laurence Rosen, Esq., or Phillip Kim, Esq., toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action. The case is pending in the United States District Court for the Eastern District of New York.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER. YOU MAY ALSO RETAIN COUNSEL OF YOUR CHOICE.

The complaint alleges that Rochester Fund, its manager Oppenheimer Funds, Inc. and certain officers and directors violated Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 by misleading investors about the risks of investing in the Fund. The Complaint asserts that the Registration Statements through which shares of the Fund were sold failed to disclose certain risks concerning Inverse Floaters in connection with the Fund, which existed during the Class Period. The Complaint asserts that on October 21, 2008, the Fund filed a Prospectus Supplement that finally disclosed the material and relevant risks concerning the Fund's Inverse Floaters. The Complaint asserts that this adverse disclosure caused the Fund's shares to fall, damaging investors.

A class action lawsuit has already been filed on behalf of Rochester Fund shareholders. If you wish to serve as lead plaintiff, you must move the Court no later than April 27, 2009. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact Laurence Rosen, Esq., or Phillip Kim, Esq., of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com.

The Rosen Law Firm represents investors throughout the world, focusing its practice in securities class actions and shareholder derivative litigation.

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Contact Information

  • Contact Information:

    Laurence Rosen, Esq.
    Email Contact

    Phillip Kim, Esq.
    Email Contact

    The Rosen Law Firm P.A.
    350 5th Avenue, Suite 5508
    New York, New York 10118
    Tel: (212) 686-1060
    Weekends Tel: (917) 797-4425
    Toll Free: 1-866--767-3653
    Fax: (212) 202-3827
    www.rosenlegal.com