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Nike Shares Active as Extortion Charges Brought Against Lawyer Michael Avenatti

Martin Baccardax

shares were active Monday after the U.S. Justice Department said it would charge Michael Avenatti with extortion just minutes after the controversial attorney tweeted about exposing a "major high school basketball scandal" linked to the world's biggest sportswear company. The DoJ said it would bring charges against Avenatti related to an attempt to extort more than $20 million from Nike, according to criminal complaint filed in New York and first reported by CNBC. CNBC reported that Avenatti demanded payments of $22.5 million from Nike under threat of releasing damaging information about the company he said would significantly impact its market value.