Oppenheimer California Municipal Fund Securities Lawsuit

Update: Class Action Lawsuit Filed

On March 23, 2009, Girard Gibbs LLP filed a class action lawsuit on behalf of investors of the Oppenheimer California Municipal Fund who purchased shares of the Fund on or after September 27, 2006. The class action complaint alleges that defendants completed the Fund's offerings pursuant to false and misleading Registration Statements and Prospectuses.

Did you purchase Oppenheimer California Municipal Fund A, B, and C Shares?
(Ticker: OPCAX, Ticker: OCABX, Ticker: OCACX)

Girard Gibbs LLP has been investigating Oppenheimer California Municipal Fund (the “Fund”) for potential violations of the federal securities laws. Investors who purchased A shares (Ticker Symbol: OPCAX), B shares (Ticker Symbol: OCABX) and/or C shares (Ticker Symbol: OCACX) of the Fund between September 27, 2006 and November 28, 2008 may be affected.

On February 9, 2009 a class action complaint was filed against the Fund and certain of its officers and directors, investment advisors, and underwriters of the offerings 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 45% of its net asset value (NAV) during the class period was associated with its overexposure to low-grade bonds, unrated bonds, high-risk securities and the California real estate market.

According to the complaint, the Fund's Registration Statements and Prospectuses failed to disclose that: (a) contrary to the Fund's stated objective of "preservation of capital," 78% of the Fund's assets were invested in bonds "rated at the lowest investment grade or below"; (b) as a result of the Fund's overexposure to BBB rated bonds, there was a high risk that more than 25% of the Fund's assets were invested in Junk Bonds, in violation its own policy; and (c) more than 40% of the Fund's assets were concentrated in Limited Tax Obligations, despite the Fund's policy that it would not invest more than 25% of its assets in a single industry.

If you wish to discuss your rights as an investor in Oppenheimer 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 California Municipal Fund, you may, no later than April 20, 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.