A securities class action has been filed against Oppenheimer Rochester National Municipals Fund

A securities class action has been filed against Oppenheimer Rochester National Municipals Fund (N.D.FLA) (ORNAX, ORNBX, ORNCX) (the "Fund") on behalf of all purchasers of shares in the Fund in the United States District Court for the Northern District of Florida.

The complaint alleges that in public filings and in annual and semi-annual reports to the Fund's shareholders, defendants made omissions and misstatements of material fact concerning the Fund and its assets, and failed to accurately describe the risks involved in owning shares of the Fund, including the risks posed by illiquidity and uncertain valuation of the Fund's assets. The annual and semi-annual reports to the Fund's shareholders also failed and continue to fail to disclose the true illiquidity of the Fund's assets and overstated and continue to overstate the true value of its municipal bonds or "special assessment" bonds and the fact that a great portion of the "special assessment" bonds are in default and/or are involved in foreclosure proceedings.
OppenheimerFunds, Inc. ("Oppenheimer") managed the Fund and owed duties to the Fund's shareholders and the investing public with respect to its activities as the Fund's manager and investment advisor. Had Oppenheimer carried out its duties properly in connection with the management of the financial statements of the Fund, it would have ascertained that the Fund was not properly pricing the securities contained in the Fund's portfolio and was engaged in prohibited transactions. As a result, Oppenheimer violated its duties to the Fund's shareholders with respect to the management of the Fund's assets.


Class Period: On behalf of all purchasers of shares in the Oppenheimer Rochester National Municipals Fund
Lead Plaintiff
Deadline: TBD
Date Filed: June 26, 2009
Court: USDC Northern Florida
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.