Bronstein, Gewirtz & Grossman, LLC Announces Lead Plaintiff Deadline for Oppenheimer AMT-Free New York Municipals Class A, B, and C Shares Is August 7, 2009

• Press Release
• Source: Bronstein, Gewirtz & Grossman, LLC
• On 2:38 pm EDT, Friday June 26, 2009

NEW YORK, NY--(Marketwire - 06/26/09) - Bronstein, Gewirtz & Grossman, LLC announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased or otherwise acquired the Oppenheimer AMT-Free New York Municipals ("Oppenheimer" or the "Fund") (NASDAQ:OPNYX - News) (NASDAQ:ONYBX - News) (NASDAQ:ONYCX - News) between May 1, 2006 and October 21, 2008, inclusive (the "Class Period").

Related Quotes

Symbol	Price	Change
ONYBX	11.14	0.00

{"s" : "onybx,onycx,opnyx","k" : "c10,l10,p20,t10","o" : "onybx,onycx,opnyx","j" : ""}

The complaint alleges the defendants of violations of the Securities Act of 1933 by virtue of the Fund's failure to disclose in the prospectus and other sales materials employed in selling and marketing the Fund 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 it portfolio securities in the event of illiquidity in the market for municipal securities that these strategies exposed the Fund to greater risk of loss should the Fund be forced to sell large blocks of 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, according to the complaint, when these risks materialized.

No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. August 7, 2009 is the deadline for investors to seek a lead plaintiff appointment.

Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate work, private securities offerings, and securities arbitration.

 

Contact:
Peretz Bronstein
Eitan Kimelman
Bronstein, Gewirtz & Grossman, LLC
212-697-6484
Email Contact