POLYMER GRP 'A' : The Law Office of Abe Shainberg Launches an Investigation into the Possible Breaches of Fiduciary Duty by the Board of Polymer Group, Inc. in Connection with the Sale of the Company to Blackstone Capital Partners V L.P. - POLGA

The Law Office of Abe Shainberg is investigating the Board of Directors of Polymer Group, Inc. (?PGI? or the ?Company?) (OTCBB: POLGA) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Blackstone Capital Partners V L.P. (?Blackstone?). Under the terms of the transaction, each holder of outstanding shares of PGI common stock will be entitled to receive up to $18.16 in cash for each share. A portion of the aggregate purchase consideration totaling $64.5 million, or approximately $2.91 per share, will be deposited in an escrow account at closing and will be available to cover potential tax liabilities. As a result of the reserve of the escrow funds, shareholders will receive approximately $15.25 at closing, and will be entitled to receive any additional amounts if and when released from the escrow account on a pro-rata basis.

The investigation concerns whether the PGI Board of Directors breached their fiduciary duties to PGI stockholders by failing to adequately shop the Company before entering into this transaction and whether Blackstone is underpaying for PGI shares. Shares of PGI stock traded as high as $25.00 per share as recently as September 17, 2010.

If you own common stock in PGI and wish to obtain additional information, please contact Abe Shainberg, Esq. directly, via email at [e-mail], by telephone at 212.425.7268, or visit http://www.ashainberglaw.com/polymer-polga.html.

Mr. Shainberg has expertise in prosecuting investor securities litigation, is a certified and registered arbitrator and mediator involving financial matters, and represents investors in various matters nationwide.

The Law Office of Abe Shainberg
Abe Shainberg, Esq., 212-425-7286
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