Oppenheimer New Jersey Municipal Fund Securities Lawsuit
Did you purchase Oppenheimer New Jersey Municipal Fund A, B, and C Shares?
(Ticker: ONJAX, Ticker: ONJBX, Ticker: ONJCX)
Girard Gibbs LLP has been investigating Oppenheimer New Jersey Municipal Fund (the “Fund”) for potential violations of the federal securities laws. Investors who purchased A shares (Ticker Symbol: ONJAX), B shares (Ticker Symbol: ONJBX) and/or C shares (Ticker Symbol: ONJCX) of the Fund between April 24, 2006 and October 21, 2008 may be affected.
On April 24, 2009 a class action complaint was filed against the Fund and certain of its Trustees and officers alleging that the defendants completed the Fund's offerings pursuant to false and misleading Registration Statements and Prospectuses. The complaint alleges that the Fund's loss of 30% of its net asset value (NAV) during the class period was associated with its highly risky use of derivative instruments known as "inverse floaters" which, under certain conditions, could (and did) effectively force the Fund to sell securities from its portfolio regardless of market conditions.
According to the complaint, 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.
If you wish to discuss your rights as an investor in Oppenheimer NJ Municipal Fund A, B, and/or C shares, please fill out the information sheet on the right or contact us toll free at (866) 981-4800. If you purchased or otherwise acquired A, B, and/or C shares of Oppenheimer NJ Municipal Fund, you may, no later than June 23, 2009, move the Court to serve as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.
Why Girard Gibbs LLP?
Girard Gibbs is a national litigation firm specializing in securities litigation, consumer class actions and complex business litigation. Girard Gibbs' managing partner Daniel Girard was voted one of Northern California's Super Lawyers in 2007, 2008, and 2009 by Law & Politics, recognizing him as one of the top 5-percent of attorneys practicing in Northern California.
