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Nike shares put through wringer by Avenatti’s alleged extortion attempt and subsequent arrest

Nike Inc. shares fell sharply and then recovered most of their losses in afternoon trade Monday, after a drama-filled afternoon during which lawyer Michael Avenatti said he would unveil a major scandal involving the sporting-goods giant — and was promptly arrested.

Avenatti sent a tweet saying that said he would hold a press conference on Tuesday to disclose a “major high school/college basketball scandal” involving Nike NKE, +0.18% . Avenatti, who came to fame as the attorney for adult entertainment star Stormy Daniels in her litigation against President Trump (a Daniels tweet on Monday emphasized that she’d fired him), said: “This criminal conduct reaches the highest levels of Nike and involves some of the biggest names in college basketball.

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