Hagens Berman Sobol Shapiro Cases

Oppenheimer California Municipal Bond Fund

Date Filed: September 12, 2009

Court: U.S. District Court

Location: California

Ticker Symbol: OPACX

Hagens Berman Sobol Shapiro filed a class-action lawsuit claiming securities fraud and breach of fiduciary duty with respect to A, B and C shares of Oppenheimer California Municipal Bond Fund. Traded under the following ticker symbols, OPACX (A shares), OCABX (B shares), OCACX (C shares). The suit involves shares purchased or held after Sept. 26, 2007 up until Nov. 28, 2008 when the fund changed its fundamental investment policy on what constitutes a single industry, recognizing the funds overconcentration in "dirt bonds."

For 2008, the Fund lost 41 percent while other funds in the category lost around 11 percent, placing the fund in the lowest 98th percentile. The suit alleges that the fund's registration statements and prospectus may have misled investors about the fund's objectives and underlying risk.