| Company: | Oppenheimer California Municipal Fund |
| Ticker Symbol: | OPCAX |
| Class Period: | Sep-27-06 to Nov-28-08 |
| Date Filed: | Feb-12-09 |
| Lead Plaintiff Deadline: | Apr-13-09 |
| Court: | Northern District of California |
| Allegations: | |
According to the lawsuit, the Oppenheimer California Municipal Fund policies and operations violated the preservation of capital objective by concentrating 78% of its assets in bonds rated at the lowest investment grade or below, and concentrating 60% in bonds that were not rated by any independent rating agency. In addition, the Fund violated a fundamental investment policy against overconcentration in a single industry by investing 33% of the Fund's assets in the California real estate development industry through its investments in "dirt bonds." These particularly risky investments are based on contracts for land developments that have not been built and were especially vulnerable to the recent declines in California's real estate market.
In addition, Oppenheimer also failed to disclose that, because of the Fund's overconcentration in lower rated bonds and bonds that had not been rated by any independent agency, there was a significant risk that more than 25% of its assets were in junk bonds, another violation of the Fund's fundamental investment policies.
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.
