securities class action has been filed against OPNYX

A securities class action has been filed against Oppenheimer Amt- Free New York Municipals Fund (OPNYX) ("The Fund") on behalf of all securities purchasers from May 21, 2006 through October 21, 2008, inclusive ("Class Period") in the United States District Court for the Southern District of New York.
The complaint alleges that the Fund, Oppenheimer Funds, Inc., and certain of its officers and directors, are in violation of the Securities Act of 1933 for failing to properly disclose the Fund’s investments in inverse floaters and the attendant risks.
Contrary to the disclosures made by the Fund to the investing public in its Securities and Exchange Commission (the "SEC") filings and other public disseminations during the Class Period, the Fund employed strategies designed to enhance its reported returns while, at the same time, these strategies exposed the Fund to a much greater risk of price declines in the value of its portfolio securities in the event of illiquidity in the market for municipal securities. However, the prospectuses and other sales materials employed by the Fund, in selling and marketing its services and product, failed to disclose that these very strategies exposed the Fund to substantially greater risk of loss should the Fund be forced to sell large blocks of portfolio securities at disadvantageous times at prices reduced from those at which the securities were previously carried on the Fund’s books.

Class Period: May 21, 2006 through October 21, 2008
Lead Plaintiff
Deadline: August 7, 2009
Date Filed: May 20, 2009
Court: USDC Southern New York
Please contact Scott+Scott LLP either via e-mail at scottlaw@scott-scott.com, call (800) 404-7770 or (860) 537-5537, or visit our website at www.scott-scott.com if you would like further information about this lawsuit.