Intuit securities fraud class action

A securities fraud class action lawsuit has been filed against Intuit Inc. (Intuit) in the United States — United States District Court for the Northern District of California, captioned Baldwin v. Intuit Inc., No. 3:26-cv-07086 (N.D. Cal.). The suit, brought on behalf of investors who purchased Intuit securities between August 22, 2025 and May 20, 2026, alleges that Intuit made materially false and misleading statements and failed to disclose adverse facts about its tax-related business, particularly TurboTax. Specifically, the complaint claims Intuit overstated its competitive advantages and growth, was losing significant business due to competitive and pricing pressures, and that its full-year 2026 TurboTax revenue growth guidance was unreliable. The lawsuit follows a sharp decline in Intuit's stock price after May 20, 2026, when Reuters reported that Intuit was laying off about 17% of its global workforce (approximately 3,000 employees) and winding down its Reno and Woodland Hills offices. That same day, Intuit reported Q3 FY2026 revenue growth of only 7% year-over-year, below consensus estimates of at least 8%, and acknowledged a weaker-than-expected tax season. The stock fell 3.9% on May 20 and another 20% on May 21, closing at $307.07. Investors have until September 8 or 9, 2026, to seek lead plaintiff status. Kessler Topaz Meltzer & Check, LLP is publicizing the lawsuit and encouraging affected investors to contact them.