After spending days appearing on news programs, touting the allegations, Davis came clean to The Washington Post, saying that he "could not independently confirm what happened" and that he "should have been more clear" about the matter.
"I regret my error," Davis told the publication.
It was first reported by CNN on July 27 that Cohen was reportedly present and that Trump Sr. knew in advance about the get-together in which Russian officials were expected to offer dirt on then-presidential rival Hillary Clinton.
Although the Post came clean about the error, CNN released a statement on Saturday, saying that it was sticking to its story because it was confident in the reporting.
Coleen Rowley, a former FBI special agent, told Radio Sputnik's Loud & Clear on Monday that the flip-flopping story shows the darker side of the legal profession, in which practitioners spread false narratives for their clients.
"We're kind of seeing the seedier side of the whole attorney profession going on right now," Rowley told hosts Brian Becker and John Kiriakou. "They're selective on what they put out… everyone thinks perception management matters more than reality."
"Let's give Lanny Davis some credit for finally realizing that this would catch up to him by trying to paint this picture," she added.
Although Rowley stressed that Davis' claims acted as fuel for "Russiagate hysteria," the former FBI agent noted that, in time, things will settle.
"It is a groupthink [phenomenon]. It is simply pressing that old ‘partisan loyalty' emotional button on people… It will wear out, and this kind of groupthink hysteria will eventually run its course, and people will slowly get their minds back," she said.
In response to Davis' revelation, in true Trump fashion, 45 jumped on Twitter and deemed the claims "just another phony story by the Fake News Media!" Donald Trump Jr. also chimed in on the matter, saying it was "comical" to see CNN stand up for "literal fake news."
Davis clarified the issue days after his client pleaded guilty to eight charges, which included five counts of tax evasion, one count of making false statements to a financial institution and one count of excessive campaign contributions. Without a plea deal, Cohen could have received up to 65 years in prison. He is due back in court for sentencing in December.