| Company: | Oppenheimer New Jersey Municipal Fund |
| Ticker Symbol: | ONJAX, ONJBX, ONJCX |
| Class Period: | Apr-24-06 to Oct-21-08 |
| Date Filed: | Apr-24-09 |
| Lead Plaintiff Deadline: | Jun-23-09 |
| Court: | District of New Jersey |
| Allegations: | |
The complaint alleges that the Fund and certain of its trustees and officers and also Oppenheimer Funds, Inc., violated sections of the Securities Act of 1933, which prohibits materially false and misleading statements in registration statements and prospectuses of the kind used to sell shares in the Fund.
In addition, the Fund failed to disclose that its use of derivative instruments known as "inverse floaters" which, under certain conditions, could (and did) effectively force the Fund to sell securities from its portfolio regardless of market conditions. In or around October 2008, the Fund filed a prospectus supplement alerting investors of the true risks of its investments -- the same risks that existed in 2006, 2007, and throughout 2008. By October 2008, however, those risks had already manifested themselves dealing substantial losses to investors causing shares to lose approximately 30% of their net asset value between January 2008 and October 2008.
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.
