In re Oppenheimer Champion Fund Securities Fraud Class Actions
We obtained a total of $100 million in settlements for two related securities class actions against OppenheimerFunds, involving allegations of omissions and materially false or misleading statements to the investing public regarding the investment profile and objectives of the Funds.
On September 30, 2011, the Honorable John L. Kane of the United States District Court for the District of Colorado granted final approval to a settlement in the amount of $52.5 million in the class action In re Oppenheimer Champion Fund Securities Fraud Class Actions, No. 09-cv-525-JLK-KMT. Labaton Sucharow is Court-appointed lead counsel for lead plaintiffs Errol Glynn O'Steen and Thomas Goodman and the proposed class.
The Class alleged that various Oppenheimer entities and certain individual defendants made materially false or misleading statements and omissions to the investing public regarding the investment profile and objectives of the Oppenheimer Champion Income Fund (the "Champion Income Fund") in violation of Sections 11, 12(a)(2), and 15 of the 1933 Act, which had the effect of artificially inflating the price of Core Bond Fund shares.
If you purchased or otherwise acquired shares of the Champion Income Fund during the period from January 1, 2006 through December 31, 2008, inclusive, and were allegedly damaged thereby, you may be eligible to recover in this settlement. The claims administrator has identified certain class members. If the claims administrator has identified you as a purchaser, you would have received a notice in the mail that explained that you did not need to submit a Proof of Claim form to be eligible to take part in the settlement. A copy of this notice, titled the Notice of Pendency and Proposed Settlement of Class Action for Identified Purchasers, may be accessed by clicking on the link to the right. If the claims administrator did not identify you as a purchaser, you would have received a separate notice in the mail with instructions on how to submit a Proof of Claim form to be eligible to take part in the settlement. A copy of this notice, titled the Notice of Pendency and Proposed Settlement of Class Action for Un-Identified Purchasers, as well as the Proof of Claim form, may be accessed by clicking on the links to the right. Please note that if you did not receive a notice indicating that you are an identified purchaser, you needed to have filled out a Proof of Claim form to have been eligible to take part in this settlement. The deadline for submitting a Proof of Claim, objecting or requesting an exclusion from the Settlement has passed.
May 20, 2011
Labaton Sucharow Settles Two Suits Involving Oppenheimer Champion Income Fund for $100 Million