Levi & Korsinsky, LLP Launches an Investigation into the the Board of Polymer Group, Inc.

Levi & Korsinsky is investigating the Board of Directors of Polymer Group, Inc. 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.

[USPRwire, Tue Oct 05 2010] Levi & Korsinsky 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.

Click here to learn how to join the action: http://www.zlk.com/polymer-polga.html, or call: 877-363-5972.
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, thus unlawfully harming PGI stockholders. In particular, 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 Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/polymer-polga.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. For more information, please feel free to contact any of the attorneys listed below.

Contact: Levi & Korsinsky, LLP, Joseph Levi, Esq., Eduard Korsinsky, Esq., 30 Broad Street - 15th Floor, New York, NY 10004, Tel: (212) 363-7500, Toll Free: (877) 363-5972, Fax: (212) 363-7171, www.zlk.com

Contact:
Jared Morine
Levi & Korsinsky, LLP
30 Broad Street, 15th Floor
New York, NY 10004
212-363-7500
jmorine@zlk.com
http://www.zlk.com