Company: Oppenheimer Pennsylvania Municipal Fund
Ticker Symbol: OPATX
Class Period: Nov-28-05 to Nov-28-08
Date Filed: Apr-29-09
Lead Plaintiff Deadline: Jun-28-09
Court: Western District of Pennsylvania
A class action lawsuit has been commenced in the United States District Court for the Western District of Pennsylvania on behalf of persons and entities that purchased shares of the Oppenheimer Pennsylvania Municipal Fund (the "Pennsylvania Fund" or "Fund") between November 28, 2005 and November 28, 2008 ("Class Period").
The complaint alleges that the Pennsylvania Fund, Oppenheimer Funds and certain of its officers and trustees violated the Securities Act of 1933 and the Investment Company Act of 1940 by departing from the stated investment premise and otherwise injured Fund shareholders.
The Pennsylvania Fund is a municipal bond fund yielding interest income exempt from federal and Pennsylvania income taxes. The complaint alleges that during the Class Period, the Registration Statements and Prospectuses misled investors about the Fund's investment objectives, policies and the underlying risk by characterizing its investments as consistent with preservation of capital. In fact, the Fund lost over 33% of its net asset value ("NAV") in 2008 compared with an average peer group loss of approximately 9.5%. The complaint alleges that capital preservation was disregarded as the Fund significantly increased exposure through excessively risky strategies not properly disclosed to investors.
Specifically, the overarching principle of capital preservation was compromised by concentrating large positions in low rated bonds, bonds not reviewed by an independent rating agency and by portfolio concentration in high risk securities including, Tobacco Bonds, Dirt Bonds, and Inverse Floaters.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
Oppenheimer Pennsylvania Municipal Fund OPATX Securities Fraud Legal Help