Oppenheimer California Municipal Fund Lawsuit

OPCAX

Oppenheimer California Municipal Fund OPCAX Securities Stock Fraud

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:

A class action suit has been filed on behalf of investors who purchased the Oppenheimer California Municipal Fund (Symbols: OPCAX, OCABX, OCACX) between September 27, 2006 and November 28, 2008. The lawsuit, filed in federal court in the Northern District of California, alleges that this supposedly conservative "preservation of capital" mutual fund misled investors about the Fund's investment objectives and underlying risks and violated its stated fundamental investment policies. The Fund lost over 41% of its net asset value in 2008, while comparable funds on average lost only 11.5% over the same period. The net asset value of the Fund decreased by more than $1.1 billion in 2008.

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.

Oppenheimer California Municipal Fund OPCAX 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 California Municipal Fund securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation. Related Law Suits

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