Adidas’ stock price fell more than 2 percent Tuesday morning following the revelation that a top exec was charged in a wide-ranging bribery scheme to lure college athletes into sportswear contracts.

James Gatto, the company’s director of global sports marketing for basketball, is among a dozen defendants named in criminal complaints unsealed in Manhattan federal court.

Shares of the German sneaker company were trading at 187.50 euros each on the Frankfurt Stock Exchange, down 2.61 percent, shortly after 11 a.m. New York time.