Nike’s stock hit lows Wednesday following a tweet from celebrity lawyer Michael Avenatti implicating the athletic apparel company in a major “scandal.”
Nike share’s fell more than 1 percent after tweets from celebrity lawyer ,alleging Nike’s involvement in a “major high school/college basketball scandal.”
But the stocks were recovered soon after his arrest.Celebrity Lawyer Michael Avenatti was soon after arrested in New York on charges related to an alleged attempt to extort Nike for as much as $25 million.
Avenatti tweeted that Nike’s “criminal conduct” involved the highest levels of Nike and “some of the biggest names in college basketball.”
Tmrw at 11 am ET, we will be holding a press conference to disclose a major high school/college basketball scandal perpetrated by @Nike that we have uncovered. This criminal conduct reaches the highest levels of Nike and involves some of the biggest names in college basketball.
— Michael Avenatti (@MichaelAvenatti) March 25, 2019
Nike’s stock fell to $80.89, its low for the day, after Avenatti’s tweet. The stock, which has a market value of $128.1 billion, has since recovered some of its losses and is trading at about $81.78. Earlier Monday, Nike shares traded as high as $83.22.
