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Finished vest didn't hold it's shape

I am new to knitting and have finished a vest using silk/bamboo thread; however, after hand washing and drying flat as the directions indicated, the sweater is stretched out and droopy. It is currently unwearable. Did I do something wrong? Did I knit too loosely? The pattern is called "Lacy Top" by Patons. I'm very frustrated. Thanks. Jane

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