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    A005930   KR7005930003

SAMSUNG ELECTRONICS CO., LTD.

(A005930)
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End-of-day quote Korea Stock Exchange  -  2022-07-03
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Samsung Australia fined $9.7 million over false water-resistance claims

06/22/2022 | 11:57pm EDT
FILE PHOTO: A woman tries out a Samsung Electronics' Galaxy Note 8 at its store in Seoul

(Reuters) - Australia's competition regulator said on Thursday a court has ordered the local unit of Samsung Electronics to pay a penalty of A$14 million ($9.65 million) over misleading claims about a water-resistance feature in some of its smartphones.

Samsung Australia admitted to misleading buyers of some of its 'Galaxy' phones about the water-resistance level, the Australian Competition & Consumer Commission (ACCC) said. The regulator had first sued the company https://www.reuters.com/article/australia-samsung-elec-regulator-idINS9N21Y008 in July 2019.

The regulator said that between March 2016 and October 2018, the company ran in-store and social media advertisements that claimed the phones could be used in pools or sea water.

The ACCC, however, received hundreds of complaints from users saying the smartphones did not function properly or even stopped working entirely after being exposed to water.

The claims "promoted an important selling point for these Galaxy phones. Many consumers who purchased a Galaxy phone may have been exposed to the misleading ads before they made their decision to purchase a new phone," said ACCC Chair Gina Cass-Gottlieb.

Samsung did not immediately respond to a Reuters request for comment.

($1 = 1.4512 Australian dollars)

(Reporting by Harshita Swaminathan, additional reporting by Navya Mittal; Editing by Sherry Jacob-Phillips)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
NAVYA -3.63% 0.7835 Real-time Quote.-60.53%
SAMSUNG ELECTRONICS CO., LTD. 1.60% 57100 End-of-day quote.-27.08%
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Financials
Sales 2022 318 058 B 245 B 245 B
Net income 2022 45 759 B 35,3 B 35,3 B
Net cash 2022 120 579 B 93,0 B 93,0 B
P/E ratio 2022 8,23x
Yield 2022 2,58%
Capitalization 384 426 B 297 B 297 B
EV / Sales 2022 0,83x
EV / Sales 2023 0,72x
Nbr of Employees -
Free-Float 83,0%
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Number of Analysts 38
Last Close Price 57 200,00 KRW
Average target price 86 618,42 KRW
Spread / Average Target 51,4%
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Managers and Directors
Jong-Hee Han Vice Chairman & Co-Chief Executive Officer
Kye Hyun Kyung Co-Chief Executive Officer & Executive Director
Hee-Chan Roh Chief Financial Officer
Han-Jo Kim Chairman
Sang-Gyun Kim Head-Compliance Management
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