Oppenheimer AMT-Free New York Municipals Named by Weiss & Lurie in Class Act

June 08 2009

NEW YORK, June 8, 2009/BusinessWire/ -- Weiss & Lurie announces its filing a class action lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of shares of Oppenheimer AMT-Free New York Municipals (the “Fund”), an open ended mutual fund investing in high- yield municipal securities exempt from federal income and New York personal income taxes. Included are the Fund’s Class A, B and C shares (respectively, NASDAQ: OPNYX, NASDAQ: OPYBX, and NASDAQ: OPYCX) purchased from May 21, 2006 through and including October 21, 2008 (“Class Period”), who were damaged thereby. The complaint charges the Fund, Oppenheimer Funds, Inc., and certain of its officers and directors, with violations of the Securities Act of 1933 for failing to properly disclose the Fund’s investments in inverse floaters and the attendant risks.

Plaintiff is represented by Weiss & Lurie, a law firm possessing significant experience and expertise in prosecuting class actions on behalf of defrauded shareholders in federal and state courts throughout the United States. Weiss & Lurie has been responsible for collectively recovering more than a billion dollars on behalf of class members and is one of the nation’s leading firms representing shareholders in securities class action litigation.

If you acquired the Securities during the Class Period, you may move the court no later than August 7, 2009, to serve as a lead plaintiff of the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.

If you want to obtain a copy of the complaint or want more information about Weiss & Lurie or this action, or if you want to obtain a Certification form to serve as a lead plaintiff, please visit http://www.weisslurie.com. If you wish to receive an investor package or if you wish to discuss this action, have any questions concerning this notice or your rights or interests with respect to this matter, or if you have any information you wish to provide to us, please contact:

Mark D. Smilow, (888) 593-4771 or (212) 682-3025 or via Internet electronic mail at .(JavaScript must be enabled to view this email address) or by writing Weiss & Lurie, The French Building, 551 Fifth Avenue, Suite 1600, New York City 10176.

Oppenheimer AMT-Free New York Municipals Class A, B and C Shares Named by Weiss & Lurie in Class Action