Abraham, Fruchter & Twersky, LLP Announces That It Has Been Retained to File a Class Action Lawsuit Against Oppenheimer Funds Re
17 March 2009 - 7:03AM
Marketwired
Abraham, Fruchter & Twersky, LLP has been retained to file a
class action lawsuit against Oppenheimer Funds on behalf of
purchasers of the Rochester National Municipals Fund ("Rochester"
or the "Fund") (NASDAQ: ORNAX) (NASDAQ: ORNBX) (NASDAQ: ORNCX) from
March 13, 2006 through October 21, 2008 (the "Class Period"). A
lawsuit has already been filed in the United States District Court
for the District of Colorado.
The complaint filed charges Oppenheimer, the Fund and certain of
its Trustees with violations of the Securities Act of 1933. The
suit claims that the registration statements and prospectuses used
to sell shares in the Fund contained materially false and
misleading statements about the risks of investing in the Fund. The
lawsuit identified the following funds as affected: A Shares
(ORNAX), B Shares (ORNBX) and C Shares (ORNCX).
On October 21, 2008, Rochester filed a Prospectus Supplement
which alerted investors of the true liquidity risks of the Fund's
investments. The Fund closed at $6.59 per share later that day,
representing a 49% decline from the Class Period high of $13.00 per
share.
Plaintiffs seek to recover damages on behalf of all those who
purchased shares of Rochester National Municipals Fund from March
13, 2006 through October 21, 2008. Abraham, Fruchter & Twersky,
LLP has extensive experience in securities class action cases,
having been ranked among the leading class action law firms in
terms of recoveries achieved by a survey of class action law firms
conducted by Institutional Shareholder Services.
If you would like to discuss this action or if you have any
questions concerning this notice or your rights as a potential
class member or lead plaintiff, you may contact: Jeffrey Abraham or
Jack Fruchter of Abraham, Fruchter & Twersky, LLP at
212-279-5050, or via e-mail at jabraham@aftlaw.com or
jfruchter@aftlaw.com, respectively. If you wish to serve as lead
plaintiff, you must move the Court no later than sixty days from
today. Any member of the proposed class may move the Court to serve
as lead plaintiff through counsel of their choice, or may choose to
do nothing and remain a member of the proposed class.
Contact: Jeffrey S. Abraham Jack Fruchter Abraham, Fruchter
& Twersky, LLP One Penn Plaza, Suite 2805 New York, New York
10119 Tel.: (212) 279-5050 Attorney Advertising. Prior Results Do
Not Guarantee A Similar Outcome.
Oppenheimer Rochester High Yield Municipal FD Class A (MM) (NASDAQ:ORNAX)
Historical Stock Chart
From Jun 2024 to Jul 2024
Oppenheimer Rochester High Yield Municipal FD Class A (MM) (NASDAQ:ORNAX)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Oppenheimer Rochester High Yield Municipal FD Class A (MM) (NASDAQ): 0 recent articles
More Abraham, Fruchter & amp; Twersky, LLP News Articles