NEW YORK, June 25, 2009 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP (www.pomerantzlaw.com) ("Pomerantz") reminds investors of Oppenheimer Pennsylvania Municipal Fund ("Oppenheimer" or the "Fund") (Nasdaq:OPATX) (Nasdaq:OPABX) (Nasdaq:OPACX) that June 29, 2009 is the deadline to submit a request to be appointed as Lead Plaintiff in the class action. Pomerantz filed a complaint (2:09-cv-00772-JFC) against the company and certain officers in the United States District Court for the Western District of Pennsylvania. The class action is brought on behalf of those who purchased A, B and C shares of the fund during the period from November 28, 2005 to November 28, 2008 ("Class Period"). The Complaint alleges that the Fund, related Oppenheimer entities, and various individuals employed by or associated with Oppenheimer violated Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 and Section 13(a) of the Investment Company Act.
The Complaint alleges that the Fund's Registration Statements and Prospectuses, issued and filed with the SEC during the Class Period, were false and misleading in that they represented the Fund sought a "high level of current interest income.as is consistent with the preservation of capital." Consistent with this stated objective, these Registration Statements and Prospectuses also stated that the Fund would honor certain concentration limits and limitations on the amount of Fund assets that could be invested in non-investment grade bonds. The complaint further alleges that, at the time these statements were made, the Fund was operating in a manner that was inconsistent with these policies, rendering these statements false and misleading. For example, the complaint alleges that the Fund had an: (i) over-concentration of bonds whose credit quality was largely at the lowest investment grade or below investment grade (junk bonds); (ii) over-concentration of unrated bonds whose sole rating was established by the Fund's internal modeling, which inflated such ratings; (iii) over-concentration in higher risk securities, such as Tobacco Bonds, Dirt Bonds and Inverse Floaters. The complaint also alleges that the named defendants' violation of these investment policies, without shareholder approval, violated applicable federal law.
As a result of the foregoing, during the Class Period, the fund lost approximately 28% of its Net Asset Value.
Shareholders outside the United States may join the action. If you wish to review a copy of the Complaint, would like to discuss this action, or have any questions, please contact Teresa L. Webb (tlwebb@pomlaw.com) of the Pomerantz Firm at 888.476.6529 (or toll-free at 888.4-POMLAW). Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, with offices in New York, Chicago, Washington, D.C., Columbus, Ohio and the San Francisco Bay area, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.