Oppenheimer New Jersey Municipal Fund
Practice Area: Securities Fraud
WASHINGTON, D.C. – May 7, 2009 – Cohen Milstein Sellers & Toll PLLC announces that a class action lawsuit has been filed against Oppenheimer Funds on behalf of purchasers of the New Jersey Municipal Fund (the “Fund”) (NASDAQ:ONJAX – News) (NASDAQ:ONJBX – News) (NASDAQ:ONJCX – News) on behalf of all persons who purchased Class A, Class B and/or Class C shares of the Fund from April 24, 2006 through and including October 21, 2008 (the “Class Period”).
The complaint filed charges Oppenheimer, the Fund and certain of its Trustees with violations 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. The complaint alleges that the Fund failed to disclose that its use of derivative instruments, known as “inverse floaters,” could, and did, effectively force the Fund to sell securities from its portfolio regardless of market conditions. In 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 and causing shares to lose approximately 30% of their net asset value between January 2008 and October 2008.
Cohen Milstein Sellers & Toll PLLC has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Philadelphia, and Chicago, and is active in major litigation pending in federal and state courts throughout the nation.
If you purchased any class of shares of Oppenheimer New Jersey Municipal Fund from April 24, 2006 to October 21, 2008, you may move the court no later than June 23, 2009, and request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as a lead plaintiff. You may retain Cohen Milstein Sellers & Toll PLLC, or other attorneys, to serve as your counsel in this action.
The firm’s reputation for excellence has repeatedly been recognized by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total in the billions of dollars.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Tyler Gaffney
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.com or tgaffney@cohenmilstein.com