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

Filing Date: May 20, 2009

According to a press release dated July 29, 2009, a class action lawsuit on July 28, 2009 in the United States District Court for District of Colorado, on behalf of those who purchased or otherwise acquired securities of Oppenheimer AMT-Free New York Municipals (the "Fund") (Nasdaq:OPNYX) (Nasdaq:ONYBX) (Nasdaq:ONYCX) between May 21, 2006 and October 21, 2008, inclusive (the "Class Period").

The complaint names the Fund, Oppenheimer Funds, Inc., and a number of individuals as defendants (collectively, "Defendants").

The complaint alleges the Defendants violated the Securities Act of 1933 by failing to disclose in the Fund's prospectus that the Fund employed strategies designed to enhance its reported returns while, at the same time, these strategies exposed the Fund to much greater risk of price decline in the value of its portfolio securities in the event of illiquidity in the market for municipal securities. The complaint alleges that the Defendants failed to disclose that these strategies exposed the Fund to greater risk of loss should the Fund be forced to sell large blocks of its portfolio at disadvantageous times at prices reduced from those at which the securities were previously carried on the Fund's books. The Fund's shares declined significantly when these risks materialized.

On July 9, 2010, the case was transferred to Multidistrict Litigation in the U.S. District Court for the Southern District of New York, 1:09-md-02063-JLK-KMT.

In MDL Court, on November 18, 2009, Judge John L. Kane appointed John Vazquez as Lead Plaintiff for the AMT Free New York class of securities fraud investors and approved his selection of Milberg LLP as lead counsel

On January 15, 2010, the lead plaintiff filed a Consolidated Class Action Complaint, In re AMT-Free New York Municipal Fund. The Consolidated Complaint added individual defendants and violations of §13(a) of the Investment Company Act. Motions to dismiss have been filed in April 2010.

On March 20, 2013, the Court denied the Defendants’ Joint Motion to Dismiss the Lead Plaintiff’s Consolidated Complaints.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: OPNYX
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-04744
JUDGE: Hon. Miriam Goldman Cedarbaum
DATE FILED: 05/20/2009
CLASS PERIOD START: 05/21/2006
CLASS PERIOD END: 10/21/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. WeissLaw LLP
    551 Fifth Avenue, Suite 1600, WeissLaw LLP, NY 10176
    212.682.3025 212.682-3010 · info@wllawny.com
No Document Title Filing Date
COURT: D. Colorado
DOCKET #: 09-MD-02063
JUDGE: Hon. Miriam Goldman Cedarbaum
DATE FILED: 01/15/2010
CLASS PERIOD START: 05/21/2006
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