SOURCE: Brower Piven, A Professional Corporation

June 23, 2009 16:15 ET

UPDATE: Brower Piven Announces the Filing of a Class Action Lawsuit in Colorado Federal Court Against Oppenheimer AMT-Free Municipals Fund and Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Oppenheimer AMT-Free Municipals Fund to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the July 13, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - June 23, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Colorado on behalf of all persons who purchased shares of Oppenheimer AMT-Free Municipals Fund ("Oppenheimer AMT" or the "Fund") (NASDAQ: OPTAX) (NASDAQ: OTFBX) (NASDAQ: OMFCX) during the period between May 13, 2006 and October 21, 2008, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than July 13, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Act of 1933 and the Investment Company Act by virtue of the Oppenheimer AMT-Free Municipals Fund's failure to disclose in the Fund's Registration Statement and Prospectus that it employed strategies which enhanced its reported returns while, at the same time, exposing it to a greater risk of price declines in the value of its portfolio securities in the event of any illiquidity in the market for municipal securities and being forced to sell large blocks of portfolio securities at disadvantageous times and prices. According to the complaint, in a supplemental prospectus dated October 21, 2008, and after the Fund had experienced a significant decline in its net asset value, the Fund disclosed these previously undisclosed risks.

If you have suffered a net loss for all transactions in Oppenheimer AMT-Free Municipals Fund during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at, by email at, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    Email Contact