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Samsung urges users to exchange Galaxy Note 7s

Samsung is urging those that own the Galaxy Note 7 to shut off their phones immediately, as a technological malfunction has caused the phone to overheat and burst into flames.

In a statement on Samsung’s website, updated Oct. 10, the company “is asking all carrier and retail partners here and around the globe to stop sales and exchanges of the Galaxy Note 7.”

The U.S. Consumer Product Safety Commission is currently investigating the cases involved in the phones.

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According to The New York Times, it was unclear when the problems began for the Note 7, but so far the South Korea-traded shares for the Note 7 have fallen more than eight percent. This has caused the company a $17 billion hit to their market value.

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Samsung has recalled 2.5 million Note 7s, and halting production for the phone will greatly cost the company.

In a report by CNN Money U.S., analysts at Nomura, the largest retail network in Japan, estimated $9.5 billion in lost sales and $5.1 billion in lost profit.

Customers are being asked to exchange their current Galaxy Note 7 for a Galaxy S7 or Galaxy S7 edge and replacement of any Galaxy Note 7 specific accessories with a refund of the price difference between devices.

If customers want a full refund, they can contact their point of purchase for the full amount back.

Those who exchange their Note 7 will also receive a $25 gift card, in-store credit, in-store accessory credit or bill credit from select carrier retail outlets.

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