San Diego, Feb. 10, 2012 (Shareholders Foundation) -- Certain directors and officers are under the investigation on behalf of current long term investors in Oppenheimer Champion Income Fund (NASDAQ:OPCHX; NASDAQ:OCHBX; NASDAQ:OCHCX; NASDAQ:OCHNX; NASDAQ:OCHYX) over possible breaches of fiduciary duties.

Investors who are current long term investors in Oppenheimer Champion Income Fund (NASDAQ:OPCHX; NASDAQ:OCHBX; NASDAQ:OCHCX; NASDAQ:OCHNX; NASDAQ:OCHYX) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm for current long term investors in Oppenheimer Champion Income Fund (NASDAQ:OPCHX; NASDAQ:OCHBX; NASDAQ:OCHCX; NASDAQ:OCHNX; NASDAQ:OCHYX) stocks follows a lawsuit pending for shareholders who purchased Oppenheimer Champion Income Fund shares only between August 7, 2006 and December 9, 2008. The investigation on behalf of current long term investors in Oppenheimer Champion Income Fund stocks, including also those who purchased within or prior to the above stated time frame, concerns whether certain officers and directors are liable in connection with the allegations made in that lawsuit.

According to that complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges that Oppenheimer Champion Fund, Oppenheimer Funds Inc. and others violated the Securities Exchange Act of 1934, the Securities Act of 1933 and the Investment Company Act of 1940.The complaint alleges that due to defendants positive, but false, statements, investors purchased and/or continued to hold shares in the Fund. Unbeknownst to investors the Fund altered its investment style in late 2006 and began to significantly increase its risk in the hopes of seeking higher returns, including by dramatically increasing its use of derivative instruments, purchasing highly unstable mortgage-related and corporate bonds and significantly increasing its leverage exposure, so the lawsuit. According to the complaint, defendants concealed that the Champion Fund had increased its risk exposure in the hopes of higher returns such that investors remained unaware of the heightened risk of investing in the Fund. Beginning in July 2008, the Oppenheimer Champion Funds shares declined. Then, beginning in mid-September 2008 with the collapse of Lehman Brothers Holdings Inc. and American International Group, Inc. and continuing through December 2008, the Fund began to acknowledge the serious deterioration in its portfolio and as a result of these disclosures, the price of the Funds shares collapsed, so the plaintiff. The complaint alleges that as a result of these disclosures, the price of the Funds shares collapsed. Overall, the Fund experienced an 82 percent drop. Compared to other high-yield funds that averaged a drop of 32 percent in 2008, The Champion Fund experienced an almost $2 billion drop in assets in 15 months.