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Oppenheimer New Jersey Municipal Fund : Class A,B,C Summary: According to a press release dated April 24, 2009, 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.
INDUSTRY CLASSIFICATION:
SIC Code:
Sector: Financial
Industry: Investment Services
| COMPANY/ISSUER NAME: | Oppenheimer New Jersey Municipal Fund |
| COMPANY/ISSUER TICKER: | ONJAX |
| COMPANY WEBSITE: | http://www.oppenheimerfunds.com/ |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Rania Baladi, et al. v. Oppenheimer New Jersey Municipal Fund, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violation of the Federal Securities Laws - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 04/24/2009 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 07/30/2009 | ||
| OTHER DOCUMENTS | |||
| Class Action Complaint For Violation Of The Federal Securities Laws | |||
| Case Name and/or Number: Marlene Seybold, et al. v. Oppenheimer New Jersey Municipal Fund, et al. | |||
| Type: Complaint | Date on the document: 05/05/2009 | ||
| Class Action Complaint For Violation of the Federal Securities Laws and Jury Demand | |||
| Case Name and/or Number: Peter Unanue, et al. v. Oppenheimer New Jersey Municipal Fund, et al. | |||
| Type: Complaint | Date on the document: 06/16/2009 | ||
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