WASHINGTON--(Business Wire)--
Cohen Milstein Sellers & Toll PLLC announces that it has filed a class action
lawsuit in the U.S. District Court for the District of Colorado against
OppenheimerFunds, Inc. ("Oppenheimer") on behalf of purchasers of the Rochester
National Municipals Fund ("Rochester" or the "Fund") (NASDAQ:ORNAX - News)
(NASDAQ:ORNBX - News) (NASDAQ:ORNCX - News) from March 13, 2006 through October
21, 2008 (the "Class Period").
The complaint filed charges Oppenheimer, the Fund and certain of its Trustees
with violations of the Securities Act of 1933. The suit claims that the
registration statements and prospectuses used to sell shares in the Fund
contained materially false and misleading statements about the risks of
investing in the Fund. The lawsuit identified the following funds as affected: A
Shares (ORNAX), B Shares (ORNBX) and C Shares (ORNCX).
On October 21, 2008, Rochester filed a Prospectus Supplement which alerted
investors of the true liquidity risks of the Fund`s investments. The Fund closed
at $6.59 per share later that day, representing a 49% decline in value.
Plaintiffs seek to recover damages on behalf of all those who purchased shares
of Rochester National Municipals Fund from March 13, 2006 through October 21,
2008. Cohen Milstein Sellers & Toll PLLC has significant experience in
prosecuting investor class actions and actions involving securities fraud. The
firm has offices in Washington, D.C., New York, Philadelphia, and Chicago, and
is active in major litigation pending in federal and state courts throughout the
nation, including the District of Colorado.
If you purchased any class of shares of the Rochester National Municipals Fund
from March 13, 2006 to October 21, 2008, you may move the court no later than
May 12, 2009, and request that the Court appoint you as lead plaintiff. A lead
plaintiff is a representative party acting on behalf of other class members in
directing the litigation. To be appointed lead plaintiff, the Court must decide
that your claim is typical of the claims of other class members, and that you
will adequately represent the class. Your share in any recovery will not be
enhanced or diminished by the decision whether or not to serve as a lead
plaintiff. You may retain Cohen Milstein Sellers & Toll PLLC, or other
attorneys, to serve as your counsel in this action.
The firm`s reputation for excellence has repeatedly been recognized by courts
which have appointed the firm to lead positions in complex multi-district or
consolidated litigation. Cohen Milstein Sellers & Toll PLLC has taken a lead
role in numerous important cases on behalf of defrauded investors, and has been
responsible for a number of outstanding recoveries which, in the aggregate,
total in the billions of dollars.
If you have any questions about this notice or the action, or with regard to
your rights, please contact either of the following:
Steven J. Toll, Esq.
Jonathan Tucker
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.com or jtucker@cohenmilstein.com
Cohen Milstein Sellers & Toll PLLC
Steven J. Toll, Esq.
888-240-0775 or 202-408-4600
stoll@cohenmilstein.com
or
Jonathan Tucker
888-240-0775 or 202-408-4600
jtucker@cohenmilstein.com
Copyright Business Wire 2009
