4 sourced reports, with what to check before you buy. Each one links to the page it was reported on.
2 of these reports describe a fire, explosion or shock risk.
Costly or dangerous
CPSC recall 14-001: APC SurgeArrest 7 and 8 series can overheat, smoke and melt (fire hazard)
Safety risk
The U.S. CPSC's official recall 14-001 covers the APC SurgeArrest 7 and 8 series manufactured before 2003 (serial year codes 93-02). 8-series models named include NET8, NET8N, PER8T, PER8TR, PER8TR-CN, PER8TVR, PER8XTV, PRF8T2, PRF8TT, PRO8, PRO8T2, PRO8T2C, PRO8T2MP12, PRO8T2MP12B and PRO8TV.
What to check. The recall remedy is no longer available; the CPSC page instructs consumers to dispose of the product and not donate or resell it. Anyone holding a pre-2003 8-series SurgeArrest should stop using it and discard it rather than rely on a free replacement. This is the strongest source: the regulator's own notice.
Owner-reported fire: SurgeArrest unit caught fire and melted through its bottom (Dec 2011 incident)
Safety risk
This NBC/Today news report quotes a CPSC public-database incident filed Dec 24, 2011, in which a recalled APC SurgeArrest caught fire, melted through its bottom and filled a room with smoke. It corroborates the recall hazard with a first-person account of an actual fire.
What to check. This shows the failure is not merely theoretical: a unit burned and melted through its housing in a home. It reinforces that a pre-2003 unit should be unplugged and disposed of immediately, not left in service.
Manufacturer's recall FAQ lists 8-series models and how to check the serial year code
APC's own recall FAQ confirms the 7 and 8 series SurgeArrest units manufactured before 2003 are affected and gives the method to check: the two digits after the first letter(s) of the serial number indicate the year, with codes 93-02 included. It also notes the recall.apc.com site is closed and directs to Schneider Electric's toll-free line.
What to check. This is how a buyer or owner can identify an affected unit: read the serial number on the bottom label and check the two digits after the first letter(s). It also confirms the old replacement channel is gone, matching the CPSC's 'dispose of this product' instruction.
Owners confirm APC shipped replacement units (PRO8T2) for recalled 8-series models
An owner on the AnandTech forum reports submitting serial-number photos for recalled units (including 8-series PRO8TV and NET8N) and receiving PRO8T2 replacements, with roughly a 12-week turnaround. This documents the practical replacement experience at the time of the recall.
What to check. Confirms the recalled 8-series models were real, widely owned units that APC replaced. Note the CPSC page now says the replacement remedy is no longer available, so current owners should dispose of units rather than expect a free swap.
These reports come from the pages linked under each item: owner forums, repair guides and workshops. They are not a diagnosis of any one unit, and a careful check of the one you are buying still applies.
Text from the Kriko Power strips and surge protectors catalog, version 0.1.1, under the CC-BY-SA-4.0 license.