Holzer Holzer & Fistel, LLC Announces That It Has Filed a Shareholder Class Action on Behalf of Purchasers of the Oppenheimer California Municipal Fund

• Press Release
• Source: Holzer Holzer & Fistel, LLC
• On 11:14 am EDT, Wednesday March 25, 2009

ATLANTA, GA--(MARKET WIRE)--Mar 25, 2009 -- Holzer Holzer & Fistel, LLC announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California on behalf all persons or entities who purchased or held shares of the Oppenheimer California Municipal Fund ("California Fund" or the "Fund") (NASDAQ:OPCAX - News) (NASDAQ:OCABX - News) (NASDAQ:OCACX - News) offered by OppenheimerFunds, Inc. ("OppenheimerFunds") in connection with its September 27, 2006, March 8, 2007 and October 31, 2007 offerings (the "Offerings").

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Symbol	Price	Change
OCABX	7.73	0.00

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The lawsuit alleges that OppenheimerFunds, along with other defendants, violated the Securities Act of 1933 by misrepresenting the Fund's investment strategy and omitting material facts from the Registration Statements/Prospectuses issued in connection with the Offerings. Specifically, the complaint alleges the Fund significantly increased its risk in hopes of providing higher returns. The complaint alleges defendants concealed the Fund's increased exposure in these excessively risky bets.

If you purchased or held shares of California Fund in connection with the September 27, 2006, March 8, 2007 and October 31, 2007 offerings, you have the legal right to petition the Court to be appointed a "lead plaintiff." A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any such request must satisfy certain criteria and be within 60 days from February 19, 2009. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. If you are a California Fund investor and would like to discuss a potential lead plaintiff appointment, or your rights and interests with respect to the lawsuit, you may contact Michael I. Fistel, Jr., Esq., or Marshall P. Dees, Esq. via email at mfistel@holzerlaw.com, or mdees@holzerlaw.com, or via toll-free telephone at (888) 508-6832.

Holzer Holzer & Fistel, LLC is an Atlanta, Georgia law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, including shareholder class action and derivative litigation. More information about the firm is available through its website, www.holzerlaw.com and upon request from the firm.