SEOUL, South Korea (AP) — South Korean rescue workers on Saturday recovered the remains of 14 people from the charred wreckage of an auto parts factory in the central city of Daejeon, where an explosion and fire injured at least 59 others.
Fire officials said 25 people were seriously injured but it wasn't immediately clear whether any were in life-threatening condition. More than 500 firefighters, police and emergency personnel were deployed to contain the fire and conduct rescue operations after it broke out Friday afternoon.
Videos and photos from the scene showed thick gray smoke billowing from the complex and some workers jumping from a building belonging to Anjun Industrial.
Nam Deuk-woo, fire chief of the city’s Daedeok district, said the blaze destroyed a factory building that firefighters initially could not enter over fears it might collapse. Searches for the missing workers began late Friday after officials deployed unmanned firefighting robots to cool the structure and conducted a safety inspection.
Nine of the 14 dead were discovered in what is believed to have been a gym on the third floor, while three were found near a water tank on the second floor. All the missing have now been accounted for.
South Korean President Lee Jae Myung visited the site Saturday afternoon, meeting with relatives of the victims and calling for safety measures to prevent the damaged structure from collapsing during search operations.
The fire was reported at about 1:18 p.m. Friday. Nam said the cause was not immediately known, but the blaze appeared to have spread rapidly, with witnesses reporting an explosion. Firefighters focused on preventing the blaze from spreading to an adjacent facility and isolating explosive chemicals. Nam said workers recovered more than 100 kilograms (220 pounds) of highly reactive chemicals from the site.
Some people were injured when they jumped from the building to escape, while others suffered smoke inhalation, officials said. As of Saturday morning, 28 people were hospitalized and four of them underwent surgeries for broken bones and other injuries.
About 120 vehicles and pieces of equipment, including aircraft, an unmanned water cannon vehicle and two firefighting robots for hard-to-reach areas, were deployed, along with hundreds of personnel.
Black smoke rises from an auto parts plant in Daejeon, South Korea, Friday, March 20, 2026. (Kim So-yeon/Yonhap via AP)
Black smoke rises from an auto parts plant in Daejeon, South Korea, Friday, March 20, 2026. (Kim June-beom/Yonhap via AP)
NEW YORK--(BUSINESS WIRE)--May 22, 2026--
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Coty Inc. (“Coty” or the “Company”) (NYSE: COTY) and reminds investors of the May 22, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose the true state of Coty’s slowing growth in the beauty market, notably, the Consumer Beauty market was underperforming, margins were compressed by increased marketing investments and there was slowing growth in its Prestige fragrance segment. Such statements absent these material facts caused Plaintiff and other shareholders to purchase Coty’s securities at artificially inflated prices.
After the market closed on February 4 and 5, 2026, Coty announced its financial results for the second quarter fiscal year 2026, unveiling disappointing earnings results with worsening performance in the Consumer Beauty segment. The Company also noted the recent transition of its Chief Executive Officer in conjunction with the below-expectation results. Coty further withdrew its fiscal year 2026 guidance for EBITDA and revised the Company’s near-term outlook downward. Coty attributed its results and lowered guidance to a combination of macroeconomic factors including rising costs and uncertain consumer demand and lack of “operational discipline” in both Prestige and Consumer Beauty segments.
Investors and analysts reacted immediately to Coty’s revelation. The price of Coty’s common stock declined from a closing market price of $3.43 per share on February 4, 2026, to $2.66 per share on February 6, 2026, a decline of about 22%.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Coty’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Coty class action, go to www.faruqilaw.com/COTY or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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COTY FINAL DEADLINE ALERT: Faruqi & Faruqi, LLP Reminds Coty (COTY) Investors of Securities Class Action Deadline on May 22, 2026
