Today, Samsung Electronics put out the fire on the Galaxy Note 7 smartphone -- after several consumer reports of the phone overheating and catching fire. After two recalls, the South Korean brand and world's largest maker of smartphones has decided to pull the line all together.

So what does this mean if you have one of these phones? And can the company recover from the month-long public relations nightmare that rivals debacles like Volkswagen and "New" Coke?

Editor-in-chief of BostInno, Galen Moore ( @galenmoore) explains.

Moore explains that lithium in cell phone batteries is volatile, and when the two ends of the battery connect it can lead to an fire. On September 2nd, after many phones were reported as overheating, exploding or catching fire, Samsung issued the first voluntary global recall of two and a half million phones. Even after many phones were replaced, the replacement phones started to catch fire.

Moore says lithium batteries are used in many electronic products including power drills, cars, and electronic cigarettes. He says, "These kinds of batteries are volatile and if they're not done right they do tend to catch fire." The time pressure to compete with Apple's new iPhone could have lead to rushed planning and faulty engineering.

Moore says Samsung is sending out fire-retardant return envelops for users to send back their phones and customers will receive money or credits for a new phone. Moore says, "The worst part is when you go to fly there are these signs in Logan that say, 'Don't get on the plane with a Samsung Galaxy Note because they might catch fire.'"

Samsung is also dealing with another debacle: the SJC ruled recently that Samsung had violated design patent and copied the look of Apple's iPhone. Moore explains, "Samsung is arguing that the design isn't the only thing that matters. Right? Basically they are in the position where they are having to pay Apple for every phone they sold in 2012..." Moore points out the irony in Samsung's argument that design isn't everything, and what really matters is what's inside.