Oppenheimer Global Resource Private Equity Fund I, L.P. Securities Litigation
On or around 07/23/2013 (Other)
Filing Date: March 26, 2012
According to the Complaint, this is a class action brought on behalf of investors who purchased interests in a private placement of unregistered limited partnership units pursuant to the Oppenheimer Global Resource Private Equity Fund I, L.P. private placement memorandum dated July 2008 that was actively used by the Fund to solicit investors. The Fund is a limited partnership functioning as an investment fund of funds designed to make global investments in natural resource-related companies. In addition to the private placement memorandum, Defendants solicited investors pursuant to a Request for Information and other materials circulated to investors between 2008 and 2010.
The Complaint alleges that the above materials contained materially untrue and misleading statements regarding: (i) the purported value of the Fund’s holdings, (ii) the profitability and performance of the Fund, and (iii) the policies and procedures to be used by the Fund in conducting due diligence into the performance and valuation of its assets. Specifically, the Solicitation Documents overstated the value of the Fund’s holdings as well as the Fund’s profitability and financial performance due to a failure of the Fund’s procedures and in violation of applicable laws and standards.
On June 11, 2012, the Court issued an Order appointing lead plaintiffs and approving their selection of lead counsel. 9 days later, plaintiffs filed their amended complaint.
On February 28, 2013, the Court issued a Memorandum of Decision granting the Defendants' motions to dismiss. A Judgment dismissing the complaint followed this Decision.
On April 12, 2013, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the Court on May 13. On July 23, the Court issued an Order granting final approval of the Settlement and approving attorneys' fees and expenses.
Company & Securities Information
Defendant: Oppenheimer Global Resource Private Equity Fund I, L.P.
Industry: Investment Services
Headquarters: United States
Company Market: Privately Traded
Market Status: Privately Held
About the Company & Securities Data
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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.
First Identified Complaint
Brockton Retirement Board, et al. v. Oppenheimer Global Resource Private Equity Fund I, L.P., et al.