Abraham, Fruchter & Twersky, LLP Announces That It Has Been Retained to File a Class Action Lawsuit Against Oppenheimer Funds Regarding Its Rochester National Municipals Fund

NEW YORK, NY--(Marketwire - March 16, 2009) - Abraham, Fruchter & Twersky, LLP has been retained to file a class action lawsuit against Oppenheimer Funds on behalf of purchasers of the Rochester National Municipals Fund ("Rochester" or the "Fund") (NASDAQ: ORNAX) (NASDAQ: ORNBX) (NASDAQ: ORNCX) from March 13, 2006 through October 21, 2008 (the "Class Period"). A lawsuit has already been filed in the United States District Court for the District of Colorado.

The complaint filed charges Oppenheimer, the Fund and certain of its Trustees with violations of the Securities Act of 1933. The suit claims that the registration statements and prospectuses used to sell shares in the Fund contained materially false and misleading statements about the risks of investing in the Fund. The lawsuit identified the following funds as affected: A Shares (ORNAX), B Shares (ORNBX) and C Shares (ORNCX).

On October 21, 2008, Rochester filed a Prospectus Supplement which alerted investors of the true liquidity risks of the Fund's investments. The Fund closed at $6.59 per share later that day, representing a 49% decline from the Class Period high of $13.00 per share.

Plaintiffs seek to recover damages on behalf of all those who purchased shares of Rochester National Municipals Fund from March 13, 2006 through October 21, 2008. Abraham, Fruchter & Twersky, LLP has extensive experience in securities class action cases, having been ranked among the leading class action law firms in terms of recoveries achieved by a survey of class action law firms conducted by Institutional Shareholder Services.

If you would like to discuss this action or if you have any questions concerning this notice or your rights as a potential class member or lead plaintiff, you may contact: Jeffrey Abraham or Jack Fruchter of Abraham, Fruchter & Twersky, LLP at 212-279-5050, or via e-mail at jabraham@aftlaw.com or jfruchter@aftlaw.com, respectively. If you wish to serve as lead plaintiff, you must move the Court no later than sixty days from today. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class.

Contact Information: Contact: Jeffrey S. Abraham Jack Fruchter Abraham, Fruchter & Twersky, LLP One Penn Plaza, Suite 2805 New York, New York 10119 Tel.: (212) 279-5050 Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.