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Case Status:    ONGOING    
On or around 01/15/2016 (Ongoing date of last review)

Filing Date: March 13, 2009

According to a press release dated March 16, 2009, 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 from the Class Period high of $13.00 per share.

On June 17, 2009, by Transfer Order from Judicial Panel on Multidistrict Litigation, this action and many others were transferred to the District of Colorado, MDL 2063, In Re: Oppenheimer Rochester Funds Group Securities Litigation.

On November 18, 2009, Judge John L. Kane issued the Order in the Multidistrict Litigation docket, no. 09-md-02063, appointing Peter Unanue as Lead Plaintiff of the Rochester National Municipal Fund class action and approving his selection of Milberg LLP to serve as Lead Counsel for the class. An Amended Complaint was filed on January 15, 2010. The defendants responded by filing motions to dismiss on April 5, 2010.

According to the Order entered on October 24, 2011, Judge John L. Kane granted the Defendants' 285 Joint Motion to Dismiss the Consolidated Complaints in the Rochester Funds Group Securities Litigation is granted with respect to Plaintiffs' claims under Section 13(a) of the Investment Company Act and denied in all other respects. Defendant MassMutual's 284 Motion to Dismiss is also denied.

On January 18, 2012, the MDL Court issued an order on pending motions for reconsideration. The Court granted the motion of certain defendants and denied the motion of a certain defendant. Two days later, the Court issued an Amended Opinion and Order on Motions to Dismiss which reflected the Court's holdings from the January 18 Order.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ORNAX
Company Market: Open-end Fund
Market Status: Open-end Fund

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Colorado
DOCKET #: 09-CV-00550
JUDGE: Hon. Christine M. Arguello
DATE FILED: 03/13/2009
CLASS PERIOD START: 03/13/2006
CLASS PERIOD END: 10/21/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Brownstein Hyatt Farber Schreck LLP
    410 Seventeenth Street, Suite 2200, Brownstein Hyatt Farber Schreck LLP, CO 80202-4432
    303.223.1100 303.223.1100 · bjames@bhfs.com
  2. Milberg LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg LLP (New York), NY 10119
    1.877.692.1965 · ContactUs@milberg.com
No Document Title Filing Date
COURT: D. Colorado
DOCKET #: 09-MD-02063
JUDGE: Hon. Christine M. Arguello
DATE FILED: 01/15/2010
CLASS PERIOD START: 03/13/2006
CLASS PERIOD END: 10/21/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Milberg LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg LLP (New York), NY 10119
    1.877.692.1965 · ContactUs@milberg.com
No Document Title Filing Date
No Document Title Filing Date