Oppenheimer Pennsylvania 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 Pennsylvania Municipal Fund (the “Fund”) (NASDAQ:OPATX – News) (NASDAQ:OPABX – News) (NASDAQ:OPACX – News) on behalf of all persons who purchased Class A, Class B and/or Class C shares of the Fund from November 28, 2005 through and including November 28, 2008 (the “Class Period”).
The complaint accuses the defendants of violations of the Securities Act of 1933 and the Investment Company Act of 1940, and alleges that the Fund’s Registration Statements and Prospectuses misrepresented the Fund as seeking “a high level of current interest income … as is consistent with preservation of capital.” According to the complaint, however, “the Fund’s investment policies were formulated and its operations were conducted virtually in complete disregard for preservation of capital.” As a result, during the Class Period the Fund lost approximately 28% of its Net Asset Value.
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 Pennsylvania Municipal Fund from November 28, 2005 to November 28, 2008, you may move the court no later than June 29, 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