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Oppenheimer Pennsylvania Municipal Fund : PA Municipal A, B, C Summary: According to a press release dated April 29, 2009, 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.
INDUSTRY CLASSIFICATION:
SIC Code: 0000
Sector: Financial
Industry: Investment Services
| COMPANY/ISSUER NAME: | Oppenheimer Pennsylvania Municipal Fund |
| COMPANY/ISSUER TICKER: | OPATX |
| COMPANY WEBSITE: | http://www.oppenheimerfunds.com/ |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| John R. Woods, et al. v. Oppenheimer Pennsylvania Municipal Fund, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint | |||
| Type: Complaint | Date on the document: 04/28/2009 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 07/20/2009 | ||
| OTHER DOCUMENTS | |||
| Plaintiffs' Class Action Complaint for Violation of the Federal Securities Laws and Demand for Jury Trial | |||
| Case Name and/or Number: Daniel Egts, et al. v. Oppenheimer Pennsylvania Municipal Fund, et al. | |||
| Type: Complaint | Date on the document: 06/12/2009 | ||
| Class Action Complaint - Jury Trial Demanded | |||
| Case Name and/or Number: Michael P. Wunderly, et al. v. Oppenheimer Pennsylvania Municipal Fund, et al. | |||
| Type: Complaint | Date on the document: 06/15/2009 | ||
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