SPARER LAW GROUP Reminds Oppenheimer California Municipal Fund Investors of Lead Plaintiff Deadline

• Press Release
• Source: Sparer Law Group
• On 8:08 pm EDT, Thursday March 19, 2009

SAN FRANCISCO, CA--(MARKET WIRE)--Mar 19, 2009 -- Sparer Law Group reminds Oppenheimer California Municipal Fund shareholders that the deadline for application to serve as Lead Plaintiff is April 20, 2009. Sparer Law Group filed the first class-action lawsuit on behalf of investors in the Oppenheimer California Municipal Fund (NASDAQ:OPCAX - News) (NASDAQ:OCABX - News) (NASDAQ:OCACX - News) on February 6, 2009. The case is filed in U.S. District Court for the Northern District of California, under case number C 09-00567 SI. A copy of the complaint is available at www.sparerlaw.com.

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The motions to determine the Lead Plaintiff will be heard by the Court presiding over the lawsuit filed by Sparer Law Group. If you wish to consider joining the lawsuit as lead plaintiff, discuss the lawsuit or join a list of potential class members receiving email updates, please call Plaintiffs' counsel Alan W. Sparer, Marc Haber or James Nabwangu of Sparer Law Group at (415) 217-7300. You may also e-mail the firm at info@sparerlaw.com or submit your contact and investment information at http://www.sparerlaw.com/lawyer-attorney-1394884.html.

Sparer Law Group continues to investigate the Fund and its investment practices that led to a drop in NAV of over 41% in 2008. One element of the investigation has focused on whether the Fund took inappropriate risk through the use of leverage. According to Morningstar, as of July 31, 2008, the Fund was exposed to the market by a factor of 129% via both conventional leverage and inverse floaters. Inverse floaters are derivative debt instruments whose coupon rate has an inverse relationship to short-term interest rates. As the Fund's holdings declined in 2008, the leverage inherent in the Fund's borrowing and inverse floaters amplified its losses.

The Complaint also alleges that, while the Fund promoted itself as focusing on capital preservation, its managers concentrated 78% of assets in bonds rated at the lowest investment grade or below, concentrated 60% in bonds that were not rated by any independent rating agency, and over-concentrated in the California real estate development industry. These real estate investments are based on contracts for land developments that have not been built and were especially vulnerable to declines in California's real estate market.

For more information about the suit, e-mail info@sparerlaw.com or visit www.sparerlaw.com.

     Contact:
     Alan W. Sparer
     Marc Haber
     James Nabwangu
     Sparer Law Group
     (415) 217-7300