Hagens Berman Sobol Shapiro Cases

Oppenheimer Core Bond Fund

Date Filed: August 12, 2009

Court: U.S. District Court

Location: California

Ticker Symbol: OPBCX

Hagens Berman Sobol Shapiro filed a lawsuit against Oppenheimer Funds, Inc. and Oppenheimer Funds Distributor, Inc. claiming the company violated federal securities laws and breached their fiduciary duty to investors regarding the Core Bond Fund. Affected funds include (NASDAQ:OPBCX, NASDAQ:OIGBX, NASDAQ:OPBYX, NASDAQ:OPBNX and NASDAQ:OPIGX).

The lawsuit claims the officers and directors of the Core Bond Fund misled investors about the safety of the fund and failed to adequately warn investors when the fund took extreme risks in violation of the Fund's stated investment policy.

In the fiscal year ending 2008, the Core Bond Fund suffered losses of more than 35 percent of its value and continued to fall another 10 percent in the first three months of 2009.