2009-02-12 03:00:03 -

Hagens Berman Sobol Shapiro is investigating possible securities fraud and or the breach of fiduciary duty with respect to A, B and C shares of Oppenheimer California Municipal Bond Fund (the "Fund") (Ticker Symbols: OPCAX (A shares), OCABX (B shares), OCACX (C shares) purchased or held after Sept. 26, 2007 up until Nov. 28, 2008 when the fund changed its fundamental investment policy on what constitutes a single industry, recognizing the funds overconcentration in "dirt bonds."


According to Morningstar, as of Dec. 4, 2008, the Oppenheimer California Municipal Bond Fund was the third worst-performing municipal bond fund to date with only two other Oppenheimer Funds performing worse. For 2008, the Fund lost 41 percent while other funds in

the category lost around 11 percent, placing the fund in the lowest 98th percentile.


Hagens Berman is investigating reports that the fund's registration statements and prospectus may have misled investors about the fund's objectives and underlying risk. This includes an investigation into the fund's overconcentration in a single industry - dirt bonds and Californian real estate development, below investment grade bonds, and unrated bonds in a matter inconsistent with the Funds stated investment objectives and the preservation of capital.


Hagens Berman leads the field in similar cases, most notably with its suit against Charles Schwab regarding its YieldPlus Funds. In an initial victory for plaintiffs, this week the court dismissed many of the defendants' motions to dismiss allowing HBSS to move the case closer to trial.


If you are aware of facts relating to this investigation, or purchased shares of Oppenheimer California Municipal Bond Fund you can contact attorneys at OPACX@hbsslaw.com.


You can learn more about this investigation at www.hbsslaw.com/OppenheimerCalMuniBondFund.


About Hagens Berman Sobol Shapiro


Hagens Berman Sobol Shapiro is based in Seattle with offices in Chicago, Boston, Los Angeles, Phoenix, San Francisco and New York. Since the firm's founding in 1993, it has developed a nationally recognized practice in class action and complex litigation. Among recent successes, HBSS has negotiated a pending $300 million settlement as lead counsel in the DRAM memory antitrust litigation; a $340 million recovery on behalf of Enron employees which is awaiting distribution; a $150 million settlement involving charges of illegally inflated charges for the drug Lupron, and served as co-counsel on the Visa/Mastercard litigation which resulted in a $3 billion settlement, the largest anti-trust settlement to date. HBSS also served as counsel in a $850 million settlement in the Washington Public Power Supply litigation and represented Washington and 12 other states in lawsuits against the tobacco industry that resulted in the largest settlement in the history of litigation. Most recently, HBSS is leading the field in securities fraud involving mutual funds and the mortgage crisis with cases such as the Schwab YieldPlus Fund Securities Litigation. For a complete listing of HBSS cases, visit www.hbsslaw.com.











Hagens Berman Sobol Shapiro LLP

Steve Berman, 206-623-7292

OPACX@hbsslaw.com

www.hbsslaw.com