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Oppenheimer Funds, Inc. : Oppenheimer AMT-FREE Municipals Fund Summary: Several class action complaints have been filed in the U.S. District Courts for the Districts of New Jersey and Colorado. Specifically, the complaints allege that Oppenheimer Funds, Inc. ("OFI") and certain of its Trustees violated the Securities Act of 1933 by issuing prospectuses which misled investors concerning the risks of investing in the Fund. These undisclosed risks are alleged to have been the cause of a severe decline in the value of the Fund's shares, far exceeding the decline of competing municipal bond funds.
The Fund employed strategies which enhanced its reported returns while, at the same time, exposing the Fund to a greater risk of price declines in the value of its portfolio securities in the event of any illiquidity in the market for municipal securities. However, in doing so, the prospectuses and other sales materials employed in selling and marketing the Fund failed to disclose that these very strategies exposed the Fund to substantially greater risk of loss due to the company being forced to sell large blocks of portfolio securities at disadvantageous times and prices reduced from those at which the securities were previously carried on the books.
INDUSTRY CLASSIFICATION:
SIC Code: 0000
Sector: Financial
Industry: Investment Services
| COMPANY/ISSUER NAME: | Oppenheimer Funds, Inc. |
| COMPANY/ISSUER TICKER: | OPTAX |
| COMPANY WEBSITE: | http://www.oppenheimerfunds.com/ |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Mimi J. Furman, et al. v. Oppenheimer AMT-FREE Municipals Fund, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint For Violations Of Federal Securities Laws | |||
| Type: Complaint | Date on the document: 05/13/2009 | ||
| 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 And Jury Demand | |||
| Case Name and/or Number: Glenwood Prince, et al. v. Oppenheimer AMT-FREE Municipals Fund, et al. | |||
| Type: Complaint | Date on the document: 05/28/2009 | ||
| Class Action Complaint for Violation of the Federal Securities Laws and Jury Demanded | |||
| Case Name and/or Number: Modean Connel, et al. v. Oppenheimer AMT-FREE Municipals Fund, et al. | |||
| Type: Complaint | Date on the document: 06/19/2009 | ||
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