July 29, 2009 

Labaton Sucharow LLP Files Class Action Lawsuit Against Oppenheimer AMT-Free New York Municipals Class A, B, and C Shares

Labaton Sucharow LLP filed a class action lawsuit on July 28, 2009 in the United States District Court for District of Colorado, on behalf of those who purchased or otherwise acquired securities of Oppenheimer AMT-Free New York Municipals (the “Fund”) (Nasdaq: OPNYX; Nasdaq: ONYBX; Nasdaq: ONYCX) between May 21, 2006 and October 21, 2008, inclusive (the “Class Period”). The complaint names the Fund, Oppenheimer Funds, Inc., John V. Murphy, Clayton K. Yeutter, Brian W. Wixted, Matthew P. Fink, Robert G. Galt, Phillip A. Griffiths, Mary F. Miller, Joel W. Motley, Kenneth A. Randall, Russel S. Reynolds, Jr., Joseph M. Wikler, Peter I. Wold, Brian F. Wruble, Ronald H. Fielding, Daniel G. Loughran, Scott Cottier and Troy E. Willis as defendants (collectively, “Defendants”).  The complaint alleges the Defendants violated the Securities Act of 1933 by failing to disclose in the Fund’s prospectus that the Fund employed strategies designed to enhance its reported returns while, at the same time, these strategies exposed the Fund to much greater risk of price decline in the value of its portfolio securities in the event of illiquidity in the market for municipal securities.  The complaint alleges that the Defendants failed to disclose that these strategies exposed the Fund to greater risk of loss should the Fund be forced to sell large blocks of its portfolio at disadvantageous times at prices reduced from those at which the securities were previously carried on the Fund’s books.  The Fund’s shares declined significantly when these risks materialized.

If you bought Oppenheimer AMT-Free New York Municipals securities between May 21, 2006 and October 21, 2008, inclusive and would like to consider serving as lead plaintiff or have any questions about the lawsuit, please contact Alan I. Ellman, Esq. of Labaton Sucharow, at 800-321-0476 or (212) 907-0700, or via email at aellman@labaton.com  Lead Plaintiff motion papers must be filed with the United States District Court for District of Colorado no later than August 7, 2009.  A Lead Plaintiff is a court-appointed representative for absent class members. You do not need to seek appointment as Lead Plaintiff to share in any class recovery in this action.  If you are a class member and there is a recovery for the class, you can share in that recovery as an absent class member. You may retain counsel of your choice to represent you in this action.

If you are a member of this class you can view a copy of the complaint and join this class action online at http://www.labaton.com/en/cases/Newly-Filed-Cases.cfm.

More information about Labaton Sucharow is available at www.labaton.com.