Oppenheimer Core Bond Fund Class Action Lawsuit (OPIGX, OIGBX, OPBCX)
Did you sustain losses investing in the Oppenheimer Core Bond Fund?
On April 22, 2009, Girard Gibbs LLP filed a class action lawsuit on behalf of investors of the Oppenheimer Core Bond Fund (OPIGX, OIGBX, OPBCX). The class action complaint alleges that the Fund represented itself as conservative and appropriate as “a long-term investment,” while assuming a level of risk that directly conflicted with its stated investment strategy. As a result, the Core Bond Fund lost more than 35 percent of its value in 2008 and another 10 percent in the first three months of 2009.
How do I know if I invested in the Oppenheimer Core Bond Fund and whether I am included in the Class Action Lawsuit?
Some individuals invested in the Oppenheimer Core Bond Fund directly or at the advice of their financial advisors. Other investors purchased shares of the The Oppenheimer Core Bond Fund through their 529 college savings plans, such as those in Oregon, Texas, Maine, Illinois and New Mexico, or through their retirement plans or annuities. If you are unsure as to whether your plan invested in the Oppenheimer Core Bond Fund, we can help you to determine if you are affected by this litigation.
If you wish to discuss your rights as an investor in the Oppenheimer Core Bond Fund, please fill out the form to the right or contact us toll free at 866-981-4800.
The Class Action Lawsuit
According to the class action complaint, the Oppenheimer Core Bond Fund's Prospectuses failed to disclose that: (a) The Fund was no longer adhering to its objective but rather, in an effort to achieve greater yields, was pursuing riskier instruments; (b) The extent of the Fund’s liquidity risk due to the illiquid nature of a large portion of the Fund’s portfolios was omitted; (c) The extent of the Fund’s risk exposure to derivatives and other high risk instruments was concealed; and (d) The extent of the Fund’s leverage exposure was misstated.
For more information on the class action allegations, please read the Oppenheimer Core Bond Fund press release .
If you would like to learn more about the class action lawsuit, please fill out the information sheet on the right or contact us toll free at (866) 981-4800.
Ongoing Investigation
Girard Gibbs LLP is currently investigating allegations that other Oppenheimer Bond Funds’ SEC filings and prospectuses were false and misleading as to their overall strategy and investment objectives. If you invested in another Oppenheimer Bond Fund and would like to learn whether we have launched an investigation into that fund, please call us or fill out the form on the right.
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.
