A securities fraud class action lawsuit has been filed against Intuit Inc. on behalf of investors who purchased or acquired Intuit securities between August 22, 2025 and May 20, 2026. The lawsuit, captioned Baldwin v. Intuit Inc. in the United States District Court for the Northern District of California, alleges that Intuit made materially false and misleading statements and failed to disclose adverse facts about its business, including that it overstated competitive advantages and growth, was losing significant business in its tax-related operations due to competitive and pricing pressures, and that its full-year 2026 TurboTax revenue growth guidance was unreliable. The complaint points to a May 20, 2026 Reuters report that Intuit was laying off about 17% of its global workforce, or about 3,000 employees, and winding down two offices, which caused the stock to drop 3.9% that day, and to Intuit's subsequent third-quarter fiscal 2026 earnings release after market close that same day, which revealed revenue growth of only 7% year-over-year versus consensus estimates of at least 8% and an acknowledgment that TurboTax online paying units were expected to grow by only 2%, leading to a further 20% stock decline. Investors have until September 8, 2026 to seek lead plaintiff status through Kessler Topaz Meltzer & Check, LLP or other counsel.
Intuit IncSecurities fraud class action alleges misstatements about tax business strength and guidance.
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