Oppenheimer Champion Income Fund OPCHX Securities Stock Fraud

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Company: Oppenheimer Champion Income Fund
Ticker Symbol: OPCHX
Class Period: Jan-26-07 to Dec-9-08
Date Filed: Feb-19-09
Lead Plaintiff Deadline: Apr-20-09
Court: Southern District of New York
A class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or held shares of the Oppenheimer Champion Income Fund ("Champion Fund" or the "Fund") (NASDAQ: OPCHX) (NASDAQ: OCHBX) (NASDAQ: OCHCX) (NASDAQ: OCHNX) (NASDAQ: OCHYX) offered by Oppenheimer Funds, Inc. ("OppenheimerFunds") between January 26, 2007 and December 9, 2008, inclusive (the "Class Period"), including in connection with its January 26, 2007 and January 25, 2008 offerings (the "Offerings").

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.

Oppenheimer Champion Income Fund OPCHX Securities Fraud Legal Help

If you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Oppenheimer Champion Income Fund securities class action lawsuit. Please fill in our form on the right to submit your complaint for a free evaluation.

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