CNBC's Jim Cramer on Monday briefly commented on celebrity lawyer Michael Avenatti's recent legal woes and how it relates to Nike's stock.
Avenatti was arrested in New York City for an alleged attempt to extort as much as $25 million out of Nike. In an apparent move to take down the sports apparel giant, he tweeted Monday afternoon that he planned to expose a high school and college basketball scandal "perpetrated by" the company.
"Stock briefly got hit, and then rallied, which, to me, said it's the bottom," Cramer said while shrugging off the news.
Avenatti is most recognizable for his past representation of porn star Stormy Daniels in matters that involved President Donald Trump and his ex-lawyer Michael Cohen.
Shares of Nike hit a floor of $80.89 during the session before rallying back 1.78 percent to close in the black.