UPDATE: Brower Piven Announces the Filing of a Class Action Lawsuit in Colorado Federal Court Against Oppenheimer AMT-Free Munic
June 23 2009 - 4:15PM
Marketwired
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
hoffman@browerpiven.com 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
www.browerpiven.com, by email at hoffman@browerpiven.com, 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: Charles J. Piven Brower Piven, A Professional
Corporation Baltimore, Maryland 410/986-0036 Email Contact
Oppenheimer Rochester Amt-Free Municipals Class A (MM) (NASDAQ:OPTAX)
Historical Stock Chart
From Sep 2024 to Oct 2024
Oppenheimer Rochester Amt-Free Municipals Class A (MM) (NASDAQ:OPTAX)
Historical Stock Chart
From Oct 2023 to Oct 2024