Case Page

 

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

Filing Date: April 24, 2009

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.

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, the MDL Court granted the motion to appoint Victor Sasson as Lead Plaintiff and approved his selection of Milberg, LLP, as Lead Counsel for the New Jersey Municipal Fund class.

On January 15, 2010, a Consolidated Class Action Complaint was filed, In re New Jersey Municipal Fund. The defendants responded by filing a motion to dismiss on April 5, 2010.

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: ONJAX
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-01959
JUDGE: Hon. William J. Martini
DATE FILED: 04/24/2009
CLASS PERIOD START: 04/24/2006
CLASS PERIOD END: 10/21/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abraham, Fruchter & Twersky (New York, 42 Street)
    60 East 42 Street, Abraham, Fruchter & Twersky (New York, 42 Street), NY 10021
    212.687.6655 ·
  2. Kantrowitz, Goldhamer & Graifman, P.C.
    210 Summit Avenue, Kantrowitz, Goldhamer & Graifman, P.C., NJ 07645
    201-391-7000 201-307-1086 · kgg@kgglaw.com
  3. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
No Document Title Filing Date
COURT: D. Colorado
DOCKET #: 09-MD-02063
JUDGE: Hon. William J. Martini
DATE FILED: 01/15/2010
CLASS PERIOD START: 04/24/2006
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