Abraham, Fruchter & Twersky, LLP Files Class Action Lawsuit on Behalf of Purchasers of Oppenheimer AMT-FREE Municipals Fund

NEW YORK, NY--(Marketwire - May 14, 2009) - Notice is being given that a class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of persons who purchased shares of Oppenheimer AMT-FREE Municipals Fund ("Oppenheimer AMT" or the "Fund") (NASDAQ: OPTAX) (NASDAQ: OTFBX) (NASDAQ: OMFCX) from May 13, 2006 through October 21, 2008 (the "Class Period").

The complaint alleges that Oppenheimer Funds, Inc. ("OFI") and certain of its Trustees violated the Securities Act of 1933 by issuing prospectuses which misled investors concerning the risks of investing in the Fund. These undisclosed risks are alleged to have been the cause of a severe decline in the value of the Fund's shares, far exceeding the decline of competing municipal bond funds.

If you wish to serve as lead plaintiff, you must move the Court no later than sixty (60) days from the date of this notice. 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 an absent member of the proposed class.

Plaintiff is represented by Abraham, Fruchter & Twersky, LLP which has extensive experience in securities class action cases. 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 Arthur Chen of Abraham, Fruchter & Twersky, LLP at 212-279-5050, or via e-mail at jabraham@aftlaw.com or achen@aftlaw.com, respectively.

Contact Information: Contact: Jeffrey S. Abraham Arthur Chen Abraham, Fruchter & Twersky, LLP One Penn Plaza, Suite 2805 New York, New York 10119 Tel.: (212) 279-5050