Zamansky LLC (“Zamansky”) announces that it is investigating Oppenheimer Holdings Inc. (“Oppenheimer”)(NYSE: OPY) over the sales and valuation of its Oppenheimer Global Resource Private Equity Fund L.P. (the “Global Resources Fund”). The Global Resources Fund was a fund of funds launched by Oppenheimer in April 2008, and has raised over $200 million from investors.
On March 6, 2012, in its annual report, Oppenheimer disclosed that it received notice from the United States Attorney’s Office in Boston, Massachusetts seeking information on its valuation of a “single portfolio holding” of the Fund during 2009. In October 2011, months earlier, the Securities and Exchange Commission (“SEC”) and Attorney General of Massachusetts sought documents and obtained on-the-record testimony from members of Oppenheimer’s private equity group and supervisors.
According to public news reports, the investigation of Oppenheimer centers around its over-valuation of a holding for the Fund. The over-valuation turned the Fund’s loss of 6.3% into internal returns of 38%. Oppenheimer marketed and sold the Fund based on false or inflated performance figures and, as a result, raised an additional $55 million from investors for the Fund. Often, this activity supports legal claims of fraud, misrepresentation, material omission, breach of fiduciary duty, negligent misrepresentation and breach of contract.
If you were an investor in Oppenheimer’s Global Resources Fund, and wish to discuss your rights, please contact Jake Zamansky at (212) 742-1414, or by email at email@example.com.
You can also fill out the Oppenheimer contact form below: