Sony (SNE) recalled many of its Bravia flat-panel televisions because of faulty components that may cause the TVs to melt or catch fire.
Around 1.6 million TVs were involved in the recall. They were sold around the world since 2007.
The liquid-crystal display (LCD) TVs were recalled after Sony learned of at least 11 incidents of fire and/or smoke. No injuries had been reported however.The source of overheating may be coming from a faulty component in the backlight system of the TV set, according to Sony spokeswoman Yuki Shima. "Sony-related recalls are following one another, and that may ruin the company's brand image," Mito Securities analyst Keita Wakabayashi said, referring to a Sony recall less than a month ago that involved Sony-made batteries and KDDI, a Japanese mobile phone operator. . "Considering Sony's overall business size, the TV recalls won't shake the company's grounding." The recalled TVs were 40-inch models, sold in China, the Americas, the Middle East and Europe. Sony said it would send service crew to repair the TVs if faulty parts are found. No refunds or replacement TVs were offered, however.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV