Shares of dozens of Nordic companies are traded in the United States through American Depository Receipts (ADRs). The majority of these are traded through the least regulated type, Unsponsored Level I ADRs, which for a long time have been viewed as a low risk method for companies to offer US investors an option to trade in their stock. However, recently Toshiba was hit by a negative ruling from a US court after a securities class action alleging misleading financial statements. Toshiba is currently waiting to see if the US Supreme Court will grant review their appeal to the US Supreme Court, and if successful a final verdict can take until at least 2020. Until then, all public companies listed with ADRs in the US are in a legal limbo. In practice, it means that the legal risk of being sued by ADR holder for listed companies with ADRs has increased. This can lead to expensive legal fees and potentially very high damages. In our new article we explain the background and give some guidance as to what listed companies with ADRs should do to minimize the risk during the time of uncertainty.