Shares of Nike (NKE) moved lower after outspoken lawyer Michael Avenatti claimed on Twitter that he uncovered the shoe giant perpetrated a "major" college basketball scandal. The details will be announced tomorrow, Avenatti said.
His tweet reads,
"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".
Shares of Nike are down 1%, or 94c, to $81.22 in midday trading following the tweet.
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