Cohen Milstein Sellers & Toll, PLLC Announces Class Action Lawsuit against Rochester National Municipals Fund
May 06 2009 - 9:51PM
Business Wire
Cohen Milstein Sellers & Toll PLLC announces that it has
filed a class action lawsuit in the U.S. District Court for the
District of Colorado against OppenheimerFunds, Inc. (�Oppenheimer�)
on behalf of purchasers of the Rochester National Municipals Fund
(�Rochester� or the �Fund�) (NASDAQ:ORNAX � News) (NASDAQ:ORNBX �
News) (NASDAQ:ORNCX � News) from March 13, 2006 through October 21,
2008 (the �Class Period�).
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 in value. Plaintiffs seek to recover
damages on behalf of all those who purchased shares of Rochester
National Municipals Fund from March 13, 2006 through October 21,
2008. Cohen Milstein Sellers & Toll PLLC has significant
experience in prosecuting investor class actions and actions
involving securities fraud. The firm has offices in Washington,
D.C., New York, Philadelphia, and Chicago, and is active in major
litigation pending in federal and state courts throughout the
nation, including the District of Colorado.
If you purchased any class of shares of the Rochester National
Municipals Fund from March 13, 2006 to October 21, 2008, you may
move the court no later than May 12, 2009, and request that the
Court appoint you as lead plaintiff. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. To be appointed lead plaintiff, the Court
must decide that your claim is typical of the claims of other class
members, and that you will adequately represent the class. Your
share in any recovery will not be enhanced or diminished by the
decision whether or not to serve as a lead plaintiff. You may
retain Cohen Milstein Sellers & Toll PLLC, or other attorneys,
to serve as your counsel in this action.
The firm�s reputation for excellence has repeatedly been
recognized by courts which have appointed the firm to lead
positions in complex multi-district or consolidated litigation.
Cohen Milstein Sellers & Toll PLLC has taken a lead role in
numerous important cases on behalf of defrauded investors, and has
been responsible for a number of outstanding recoveries which, in
the aggregate, total in the billions of dollars.
If you have any questions about this notice or the action, or
with regard to your rights, please contact either of the
following:
Steven J. Toll, Esq. Jonathan Tucker Cohen Milstein Sellers &
Toll PLLC 1100 New York Avenue, N.W. West Tower, Suite 500
Washington, D.C. 20005 Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.com or
jtucker@cohenmilstein.com
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