The U.S. division of Samsung has reached an agreement with the Consumer Product Safety Commission to recall just under 2 million Note 7s. Exactly 1.9 million of the Samsung Note 7 are being recalled so that they can be replaced.
Owners of the phone will be able to take it into a store and exchange it for a new version of the phone. They can also get a full refund for the phone if they don't want a new one. On top of the refund, they will get a $100 credit if they choose a different Samsung phone. A $25 credit will be given if they choose a phone from another brand.
The smartphone has caused a lot of issues since it was released. Some devices have even been known to overheat and start smoking while in people's pockets. Thanks to this, Samsung has decided to completely halt all production of the phone for the next quarter. Their budget for labor will be reduced by $2.3 billion because of this.
This situation has had a huge negative impact on Samsung's stock price. It had declined every day for almost two weeks until it saw a bounce back on the market. It saw 1.4% in gains yesterday.
Samsung Galaxy Note 7 Recall: 5 Vital Facts