SEATTLE – 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 over concentration 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 over concentration 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 [email protected].

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