Lack of buying interest. No one is dumping but a lot of small investors selling 100 or 200 shares here and there. And no big investor wants to get in because of the lack of liquidity. Institutional ownership is too small on this stock. Lehman held a lot ADS but bankrupcy proceedings needs to run its course before it is clear who owns what. (See the most recent SEK filing). Wait till the mess cleaned up. Patient long-term investor wins.