NEW YORK, Sept. 7, 2005 (PRIMEZONE) -- The law firm of Murray, Frank & Sailer LLP announces that it has filed a class action lawsuit on behalf of all persons who purchased Oppenheimer Funds from UBS-AG ("UBS"), from May 1, 2000 through April 30, 2005, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Act of 1993 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").
The Funds, and the Symbols for the respective Oppenheimer Funds named below, are as follows:
Oppenheimer AMT-Free NY Municipal B Nasdaq:ONYBX Oppenheimer AMT-Free Municipals A Nasdaq:OPTAX Oppenheimer AMT-Free Municipals B Nasdaq:OTFBX Oppenheimer AMT-Free Municipals C Nasdaq:OMFCX Oppenheimer AMT-Free NY Municipal A Nasdaq:OPNYX Oppenheimer AMT-Free NY Municipal C Nasdaq:ONYCX Oppenheimer Balanced A Nasdaq:OPASX Oppenheimer Balanced B Nasdaq:OASBX Oppenheimer Balanced C Nasdaq:OASCX Oppenheimer Balanced N Nasdaq:OASNX Oppenheimer CA Municipal A Nasdaq:OPCAX Oppenheimer CA Municipal B Nasdaq:OCABX Oppenheimer CA Municipal C Nasdaq:OCACX Oppenheimer Capital Appreciation A Nasdaq:OPTFX Oppenheimer Capital Appreciation B Nasdaq:OTGBX Oppenheimer Capital Appreciation C Nasdaq:OTFCX Oppenheimer Capital Appreciation N Nasdaq:OTCNX Oppenheimer Capital Appreciation Y Nasdaq:OTCYX Oppenheimer Capital Income A Nasdaq:OPPEX Oppenheimer Capital Income B Nasdaq:OPEBX Oppenheimer Capital Income C Nasdaq:OPECX Oppenheimer Capital Income N Nasdaq:OCINX Oppenheimer Champion Income A Nasdaq:OPCHX Oppenheimer Champion Income B Nasdaq:OCHBX Oppenheimer Champion Income C Nasdaq:OCHCX Oppenheimer Champion Income N Nasdaq:OCHNX Oppenheimer Convertible Securities A Nasdaq:RCVAX Oppenheimer Convertible Securities B Nasdaq:RCVBX Oppenheimer Convertible Securities C Nasdaq:RCVCX Oppenheimer Convertible Securities M Nasdaq:RCVGX Oppenheimer Convertible Securities N Nasdaq:RCVNX Oppenheimer Core Bond A Nasdaq:OPIGX Oppenheimer Core Bond B Nasdaq:OIGBX Oppenheimer Core Bond C Nasdaq:OPBCX Oppenheimer Core Bond N Nasdaq:OPBNX Oppenheimer Core Bond Y Nasdaq:OPBYX Oppenheimer Developing Markets A Nasdaq:ODMAX Oppenheimer Developing Markets B Nasdaq:ODVBX Oppenheimer Developing Markets C Nasdaq:ODVCX Oppenheimer Developing Markets N Nasdaq:ODVNX Oppenheimer Disciplined Allocation A Nasdaq:CNMTX Oppenheimer Disciplined Allocation B Nasdaq:CDABX Oppenheimer Disciplined Allocation C Nasdaq:CDACX Oppenheimer Disciplined Allocation N Nasdaq:CDANX Oppenheimer Discovery A Nasdaq:OPOCX Oppenheimer Discovery B Nasdaq:ODIBX Oppenheimer Discovery C Nasdaq:ODICX Oppenheimer Discovery N Nasdaq:ODINX Oppenheimer Discovery Y Nasdaq:ODIYX Oppenheimer Dividend Growth Fund Nasdaq:OADGX Class A Oppenheimer Dividend Growth Fund Nasdaq:OBDGX Class B Oppenheimer Dividend Growth Fund Nasdaq:OCDGX Class C Oppenheimer Dividend Growth Fund Nasdaq:ONDGX Class N Oppenheimer Emerging Growth A Nasdaq:OEGAX Oppenheimer Emerging Growth B Nasdaq:OEGBX Oppenheimer Emerging Growth C Nasdaq:OEGCX Oppenheimer Emerging Growth N Nasdaq:OEGNX Oppenheimer Emerging Growth Y Nasdaq:OEGYX Oppenheimer Emerging Technologies A Nasdaq:OETAX Oppenheimer Emerging Technologies B Nasdaq:OETBX Oppenheimer Emerging Technologies C Nasdaq:OETCX Oppenheimer Emerging Technologies N Nasdaq:OETNX Oppenheimer Emerging Technologies Y Nasdaq:OETYX Oppenheimer Enterprise A Nasdaq:OENAX Oppenheimer Enterprise B Nasdaq:OENBX Oppenheimer Enterprise C Nasdaq:OENCX Oppenheimer Enterprise N Nasdaq:OENNX Oppenheimer Enterprise Y Nasdaq:OENYX Oppenheimer Equity A Nasdaq:OEQAX Oppenheimer Equity B Nasdaq:OEQBX Oppenheimer Equity C Nasdaq:OEQCX Oppenheimer Equity N Nasdaq:OEQNX Oppenheimer Equity Y Nasdaq:OEQYX Oppenheimer Global A Nasdaq:OPPAX Oppenheimer Global B Nasdaq:OGLBX Oppenheimer Global C Nasdaq:OGLCX Oppenheimer Global N Nasdaq:OGLNX Oppenheimer Global Opportunities A Nasdaq:OPGIX Oppenheimer Global Opportunities B Nasdaq:OGGIX Oppenheimer Global Opportunities C Nasdaq:OGICX Oppenheimer Global Opportunities N Nasdaq:OGINX Oppenheimer Global Opportunities Y Nasdaq:OGIYX Oppenheimer Global Y Nasdaq:OGLYX Oppenheimer Gold & Special Minerals A Nasdaq:OPGSX Oppenheimer Gold & Special Minerals B Nasdaq:OGMBX Oppenheimer Gold & Special Minerals C Nasdaq:OGMCX Oppenheimer Gold & Special Minerals N Nasdaq:OGMNX Oppenheimer Growth A Nasdaq:OPPSX Oppenheimer Growth B Nasdaq:OPSBX Oppenheimer Growth C Nasdaq:OGRCX Oppenheimer Growth N Nasdaq:OGRNX Oppenheimer Growth Y Nasdaq:OGRYX Oppenheimer High-Yield A Nasdaq:OPPHX Oppenheimer High-Yield B Nasdaq:OHYBX Oppenheimer Main Street Y Nasdaq:MIGYX Oppenheimer MidCap A Nasdaq:OMDAX Oppenheimer MidCap B Nasdaq:OMDBX Oppenheimer MidCap C Nasdaq:OMDCX Oppenheimer MidCap N Nasdaq:OMDNX Oppenheimer MidCap Y Nasdaq:OMDYX Oppenheimer NJ Municipal A Nasdaq:ONJAX Oppenheimer NJ Municipal B Nasdaq:ONJBX Oppenheimer NJ Municipal C Nasdaq:ONJCX Oppenheimer PA Municipal A Nasdaq:OPATX Oppenheimer PA Municipal B Nasdaq:OPABX Oppenheimer PA Municipal C Nasdaq:OPACX Oppenheimer Port Series Active Alloc A Nasdaq:OAAAX Oppenheimer Port Series Active Alloc B Nasdaq:OAABX Oppenheimer Port Series Active Alloc C Nasdaq:OAACX Oppenheimer Port Series Active Alloc N Nasdaq:OAANX Oppenheimer Port Series Active Alloc Y Nasdaq:OAAYX Oppenheimer Port Series Agg Inv A Nasdaq:OAAIX Oppenheimer Port Series Agg Inv B Nasdaq:OBAIX Oppenheimer Port Series Agg Inv C Nasdaq:OCAIX Oppenheimer Port Series Agg Inv N Nasdaq:ONAIX Oppenheimer Port Series Agg Inv Y Nasdaq:OYAIX Oppenheimer Port Series Conserv Inv A Nasdaq:OACIX Oppenheimer Port Series Conserv Inv B Nasdaq:OBCIX Oppenheimer Port Series Conserv Inv C Nasdaq:OCCIX Oppenheimer Port Series Conserv Inv N Nasdaq:ONCIX Oppenheimer Port Series Conserv Inv Y Nasdaq:OYCIX Oppenheimer Port Series Moderate Inv A Nasdaq:OAMIX Oppenheimer Port Series Moderate Inv B Nasdaq:OBMIX Oppenheimer Port Series Moderate Inv C Nasdaq:OCMIX Oppenheimer Port Series Moderate Inv N Nasdaq:ONMIX Oppenheimer Port Series Moderate Inv Y Nasdaq:OYMIX Oppenheimer Principal Prot Main St A Nasdaq:OAPPX Oppenheimer Principal Prot Main St B Nasdaq:OBPPX Oppenheimer Principal Prot Main St C Nasdaq:OCPPX Oppenheimer Principal Prot Main St II A Nasdaq:OAPMX Oppenheimer Principal Prot Main St II B Nasdaq:OBPMX Oppenheimer Principal Prot Main St II C Nasdaq:OCPMX Oppenheimer Principal Prot Main St Nasdaq:OAPRX III A Oppenheimer Principal Prot Main St Nasdaq:OBPRX III B Oppenheimer Principal Prot Main St Nasdaq:OCPRX III C Oppenheimer Principal Prot Main St Nasdaq:ONPRX III N Oppenheimer Principal Prot Main St N Nasdaq:ONPPX Oppenheimer Principal Protected Main Nasdaq:OAPSX Streed Fd Iv Cl A Oppenheimer Principal Protected Main Nasdaq:OBPSX Streed Fd IV Cl B Oppenheimer Principal Protected Main Nasdaq:OCPSX Street Fd IV Cl C Oppenheimer Principal Protected Main Nasdaq:ONPSX Street Fd IV Cl N Oppenheimer Principal Protected Main Nasdaq:ONPMX Street Fund II - Class N Oppenheimer Quest Balanced A Nasdaq:QVGIX Oppenheimer Quest Balanced B Nasdaq:QGRBX Oppenheimer Quest Balanced C Nasdaq:QGRCX Oppenheimer Quest Balanced N Nasdaq:QGRNX Oppenheimer Quest Balanced Y Nasdaq:QGRYX Oppenheimer Quest Capital Value A Nasdaq:QCVAX Oppenheimer Quest Capital Value B Nasdaq:QCVBX Oppenheimer Quest Capital Value C Nasdaq:QCVCX Oppenheimer Quest Capital Value N Nasdaq:QCVNX Oppenheimer Quest International Value A Nasdaq:QIVAX Oppenheimer Quest International Value B Nasdaq:QIVBX Oppenheimer Quest International Value C Nasdaq:QIVCX Oppenheimer Quest International Value N Nasdaq:QIVNX Oppenheimer Quest Opportunity Value A Nasdaq:QVOPX Oppenheimer Quest Opportunity Value B Nasdaq:QOPBX Oppenheimer Quest Opportunity Value C Nasdaq:QOPCX Oppenheimer Quest Opportunity Value N Nasdaq:QOPNX Oppenheimer Quest Opportunity Value Y Nasdaq:QOPYX Oppenheimer Quest Value A Nasdaq:QFVFX Oppenheimer Quest Value B Nasdaq:QFVBX Oppenheimer Quest Value C Nasdaq:QFVCX Oppenheimer Quest Value N Nasdaq:QFVNX Oppenheimer Quest Value Y Nasdaq:QFVYX Oppenheimer Real Asset A Nasdaq:QRAAX Oppenheimer Real Asset B Nasdaq:QRABX Oppenheimer Real Asset C Nasdaq:QRACX Oppenheimer Real Asset N Nasdaq:QRANX Oppenheimer Real Asset Y Nasdaq:QRAYX Oppenheimer Real Estate A Nasdaq:OREAX Oppenheimer Real Estate B Nasdaq:OREBX Oppenheimer Real Estate C Nasdaq:ORECX Oppenheimer Real Estate N Nasdaq:ORENX Oppenheimer Real Estate Y Nasdaq:OREYX Oppenheimer Rochester National Muni A Nasdaq:ORNAX Oppenheimer Rochester National Muni B Nasdaq:ORNBX Oppenheimer Rochester National Muni C Nasdaq:ORNCX Oppenheimer Select Value A Nasdaq:OSVAX Oppenheimer Select Value B Nasdaq:OSVBX Oppenheimer Select Value C Nasdaq:OSCVX Oppenheimer Select Value N Nasdaq:OSVNX Oppenheimer Select Value Y Nasdaq:OSVYX Oppenheimer Senior Floating Rate A Nasdaq:XOSAX Oppenheimer Senior Floating Rate B Nasdaq:XOSBX Oppenheimer Senior Floating Rate C Nasdaq:XOSCX Oppenheimer Small & Mid Cap Value A Nasdaq:QVSCX Oppenheimer Small & Mid Cap Value B Nasdaq:QSCBX Oppenheimer Small & Mid Cap Value C Nasdaq:QSCCX Oppenheimer Small & Mid Cap Value N Nasdaq:QSCNX Oppenheimer Strat Income A Nasdaq:OPSIX Oppenheimer Strat Income B Nasdaq:OPSGX Oppenheimer Strat Income C Nasdaq:OSICX Oppenheimer Strat Income N Nasdaq:OSINX Oppenheimer Strat Income Y Nasdaq:OSIYX Oppenheimer Total Return Bond A Nasdaq:OTRAX Oppenheimer Total Return Bond B Nasdaq:OTRBX Oppenheimer Total Return Bond C Nasdaq:OTRCX Oppenheimer Total Return Bond N Nasdaq:OTRNX Oppenheimer U.S. Government A Nasdaq:OUSGX Oppenheimer U.S. Government B Nasdaq:UGTBX Oppenheimer U.S. Government C Nasdaq:OUSCX Oppenheimer U.S. Government N Nasdaq:OUSNX Oppenheimer U.S. Government Y Nasdaq:OUSYX Oppenheimer Value A Nasdaq:CGRWX Oppenheimer Value B Nasdaq:CGRBX Oppenheimer Value C Nasdaq:CGRCX Oppenheimer Value N Nasdaq:CGRNX Oppenheimer Value Y Nasdaq:CGRYX
The complaint alleges that during the Class Period, defendants served as financial advisors who purportedly provided unbiased and honest investment advice to their clients. Unbeknownst to investors, defendants, in clear contravention of their disclosure obligations and fiduciary responsibilities, failed to properly disclose that they had engaged in a scheme to aggressively push UBS sales personnel to steer clients into purchasing certain UBS Funds and UBS Tier I Funds, which included Oppenheimer Funds, that provided financial incentives and rewards to UBS and its personnel based on sales. The complaint alleges that defendants' undisclosed sales practices created an insurmountable conflict of interest by providing substantial monetary incentives to sell Shelf-Space Funds to their clients, even though such investments were not in the clients' best interest. UBS' failure to disclose the incentives constituted violations of federal securities laws.
The action also includes a subclass of persons who held any shares of UBS Mutual Funds. The complaint additionally alleges that the investment advisor subsidiary of UBS, UBS Global Asset Management created further undisclosed material conflicts of interest by entering into revenue sharing agreements with UBS financial Advisors to push investors into UBS proprietary funds, regardless of whether such investments were in the investors' best interests. The investment advisors financed these arrangements by illegally charging excessive and improper fees to the fund that should have been invested in the underlying portfolio. In doing so they breached their fiduciary duties to investors under the Investment Company Act and state law and decreased shareholders' investment returns.
The action includes a second subclass of persons who purchased a UBS Financial Plan that held Tier I mutual funds. The UBS Financial Plans include, but are not limited to, UBS Personalized Asset Consulting and Evaluation Plan, InsightOne accounts, and/or a resource management accounts.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased any of the Oppenheimer Funds through a UBS broker between May 1, 2000 through April 30, 2005, inclusive, and sustained damages, you may, no later than September 30, 2005, request that the Court appoint you as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at www.murrayfrank.com. Contact plaintiff's counsel Eric J. Belfi, Christopher Hinton or Bradley Dyer to discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca