|Company:||Oppenheimer Champion Income Fund|
|Class Period:||Jan-26-07 to Dec-9-08|
|Lead Plaintiff Deadline:||Apr-20-09|
|Court:||Southern District of New York|
The complaint charges the Champion Fund, Oppenheimer Funds and certain of its officers and directors with violations of the Securities Exchange Act of 1934, the Securities Act of 1933 and the Investment Company Act of 1940. As alleged in the complaint, the Champion Fund is an open-ended fixed income mutual fund launched and managed by Oppenheimer Funds.
The complaint alleges that due to defendants' positive, but false, statements, investors purchased and/or continued to hold shares in the Fund. The complaint alleges that the Champion Fund was a typical high-yield bond fund until late 2006 when, unbeknownst to investors, the Fund altered its investment style and began to significantly increase its risk in the hopes of seeking higher returns, including by dramatically increasing its use of derivative instruments, purchasing highly unstable mortgage-related and corporate bonds and significantly increasing its leverage exposure. The complaint also alleges that the defendants concealed that the Champion Fund had increased its exposure with these excessively risky bets in the hopes of higher returns, such that investors remained unaware of these additional risk exposures. 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.