STULL, STULL & BRODY ANNOUNCES CLASS ACTION
AGAINST OPPENHEIMER HOLDINGS INC. ON BEHALF OF
PURCHASERS OF AUCTION RATE SECURITIES

NEW YORK, April 11, 2008—Notice is hereby given that the law firm of Stull, Stull & Brody filed a class action lawsuit on April 11, 2008 in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased and/or acquired auction rate securities from Oppenheimer Holdings Inc. (NYSE: OPY) and certain of its affiliates between April 9, 2003 and February 13, 2008, inclusive (the “Class Period”), and continued to hold such auction rate securities through February 13, 2008.

The class action is brought against Oppenheimer Holdings Inc., Oppenheimer & Co. Inc, Oppenheimer Asset Management and Freedom Investments Inc. (collectively, “Oppenheimer”), in connection with the sale of auction rate securities, auction rate preferred stock, auction market preferred stock, variable rate preferred securities, money market preferred securities, periodic auction rate securities and auction rate bonds (collectively, “Auction Rate Securities”).

The Complaint alleges that Oppenheimer violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by deceiving investors about the investment characteristics of Auction Rate Securities and the auction market in which these securities traded. The Complaint alleges that Oppenheimer offered and sold Auction Rate Securities to the public as highly liquid cash-management vehicles and as suitable alternatives to money market mutual funds. According to the Complaint, holders of Auction Rate Securities sold by Oppenheimer and other broker-dealers have been unable to liquidate their positions in these securities following the decision on February 13, 2008 of all major broker-dealers including Oppenheimer to “withdraw their support” for the periodic auctions at which the interest rates paid on Auction Rate Securities are set.

The Complaint alleges that Oppenheimer failed to disclose the following material facts about the Auction Rate Securities it sold to investors: (1) the Auction Rate Securities were not cash alternatives, like money market funds, but were, instead, complex long-term financial instruments with 30 year maturity dates, or longer; (2) the Auction Rate Securities were only liquid at the time of sale because Oppenheimer and other broker-dealers were artificially supporting and manipulating the auction rate market to maintain the appearance of liquidity and stability; (3) Oppenheimer and other broker-dealers routinely intervened in auctions for their own benefit, to set rates and prevent all-hold auctions and failed auctions; and (4) Oppenheimer continued to market Auction Rate Securities as liquid investments after it had determined that it and other broker-dealers were likely to withdraw their support for the periodic auctions and that a “freeze” of the market for Auction Rate Securities would result.

If you purchased or otherwise acquired Auction Rate Securities from Oppenheimer between April 9, 2003 and February 13, 2008, and continued to hold such securities as of February 13, 2008, you may, no later than sixty days from today, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. To be appointed lead plaintiff, the Court must decide that your claim is typical of the claims of other class members, and that you will adequately represent the class. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in both New York and Los Angeles.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody, by e-mail at SSBNY@aol.com, by calling toll-free 1-800-337-4983, by fax to 1-212-490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.

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