Samsung’s (SSNLF) Value Down $14 Billion After Galaxy Note 7 Recall

Samsung Galaxy Note 7

The South Korean electronics firm saw its market capitalization plummet by $22 billion over the past two days, a direct result of the global recall of Galaxy Note 7 devices that are prone to overheat and catch fire.

Its accredited local agent in Bahrain, Bin Hindi Informatics W.L.L, has officially notified the Customer Protection Directorate at the Ministry of Industry, Commerce and Tourism.

More than 70 cases of Galaxy Note 7 phones overheating have been reported in the US alone, Fox Business’ Liz Claman reported on “Varney Company” on Tuesday morning. This comes in the thick of a pretty nasty turn of events for Samsung who has received over 70 different reports of their latest smartphone burning up and essentially exploding which has lead to the company having to recall all Note 7 units sold to date.

After making a series of moves to restructure its mobile business and renew interest in its Galaxy handset line, the situation with the recently released Galaxy Note 7 is taking quite a toll on Samsung. While Samsung appears to be doing great by facing this recall issue head on and putting customer safety first, the fact that there are no phones to replace possibly risky ones is somewhat alarming. Despite speculation from western media outlets, there’s now no official word of a similar battery-limiting OTA update coming to Note 7 phones outside of South Korea.

NJ Transit joins the Federal Aviation Administration, which advised fliers not to use the phone on aircraft or pack it in checked baggage.

Samsung also announced an ad campaign to apologize for the inconvenience and encourage Korean customer returns.