Finkelstein & Krinsk, LLP Announces Filing a Class Action Lawsuit Against Oppenheimer...

Finkelstein & Krinsk, LLP Announces Filing a Class Action Lawsuit Against
Oppenheimer Pennsylvania Municipal Fund

SAN DIEGO, April 29 /PRNewswire/ -- A class action lawsuit has been commenced
in the United States District Court for the Western District of Pennsylvania
on behalf of persons and entities that purchased shares of the Oppenheimer
Pennsylvania Municipal Fund (the "Pennsylvania Fund" or "Fund") between
November 28, 2005 and November 28, 2008 ("Class Period").

The complaint alleges that the Pennsylvania Fund, Oppenheimer Funds and
certain of its officers and trustees violated the Securities Act of 1933 and
the Investment Company Act of 1940 by departing from the stated investment
premise and otherwise injured Fund shareholders. The Pennsylvania Fund is a
municipal bond fund yielding interest income exempt from federal and
Pennsylvania income taxes. The complaint alleges that during the Class
Period, the Registration Statements and Prospectuses misled investors about
the Fund's investment objectives, policies and the underlying risk by
characterizing its investments as consistent with preservation of capital. In
fact, the Fund lost over 33% of its net asset value ("NAV") in 2008 compared
with an average peer group loss of approximately 9.5%. The complaint alleges
that capital preservation was disregarded as the Fund significantly increased
exposure through excessively risky strategies not properly disclosed to
investors.

Specifically, the overarching principle of capital preservation was
compromised by concentrating large positions in low rated bonds, bonds not
reviewed by an independent rating agency and by portfolio concentration in
high risk securities including, Tobacco Bonds, Dirt Bonds, and Inverse
Floaters.

Plaintiff is seeking to recover damages on behalf of all investors in
Pennsylvania who purchased or held shares between November 28, 2005 and
November 28, 2008 and is represented by Finkelstein & Krinsk LLP, the highly
regarded law firm litigating cases throughout the country.

As a member of the Class described above, you may, not later than June 29,
2009, move the Court to serve as lead plaintiff for the Class or choose to do
nothing and remain an absent class member. A lead plaintiff is a
representative party that acts on behalf of other class members in directing
the litigation. Your ability to share in any recovery is not, however,
affected by the decision to serve as a lead plaintiff. If you want to discuss
this matter or your rights or interests, please contact our office at
877.493.5366, by fax to 619.238.5425, or by writing Finkelstein & Krinsk, LLP,
501 West Broadway, Suite 1250, San Diego, CA, 92101, or via email at
jrk@classaction.com

SOURCE Finkelstein & Krinsk, LLP

FINKELSTEIN & KRINSK, LLP, +1-619-238-1333, fax, +1-619-238-5425,
fk@classactionlaw.com