BOULDER, Colo., March 16, 2009 (GLOBE NEWSWIRE) -- The Shuman Law Firm today announced that it has filed a lawsuit seeking class action status in the United States District Court for the District of Colorado on behalf of a proposed class (the "Class") consisting of all persons or entities who purchased or held shares in the following Oppenheimer Champion Income Funds (the "Fund"): A Shares (Nasdaq:OPCHX), B Shares (Nasdaq:OCHBX), C Shares (Nasdaq:OCHCX), N Shares (Nasdaq:OCHNX) and Y Shares (Nasdaq:OCHYX) between August 7, 2006 to December 9, 2008, inclusive (the "Class Period"), including in connection with its August 7, 2006, January 26, 2007 and January 25, 2008 stock offerings.
If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The lawsuit alleges defendants marketed and sold the Fund as a conservative high-income fund, portraying it as diversified and higher yielding. Plaintiff claims the Fund's managers failed to disclose the true risk of the Fund, which took gambles on mortgage-backed securities and illiquid derivatives that ultimately led to the Fund's collapse. Beginning in July 2008, shares declined as the credit crunch exposed the volatility and collapse of the Fund's mortgage-related investments. The Fund experienced an 82 percent drop compared to other high-yield funds that averaged a drop of 32 percent in 2008. Overall, the Fund experienced an almost $2 billion drop in assets in 15 months.
If you are a member of the proposed class, you may request that the Court appoint you as lead plaintiff of the class no later than April 14, 2009. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and derivative litigation.