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As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) they had overstated Intuit's competitive advantages and growth, as well as the overall strength and sustainability of its business model and operations; (2) in reality, Intuit was losing significant business in its tax-related business, particularly in its Turbo Tax business, as a result of, inter alia, increasing competitive and pricing pressures; (3) accordingly, Intuit's previously issued FY 2026 TurboTax revenue growth guidance was unreliable and/or unrealistic; and (4) as a result, Defendants' public statements were materially false and misleading at all relevant times.
On May 20, 2026, Intuit released its fiscal Q3 2026 financial results, which included its 2026 tax season revenue. Intuit stated that it "did not have the overall tax season we expected" and that it "faced pressure among the most price-sensitive DIY filers." Intuit said that "[w]e [lost] on price," and revealed that the Company needed to evolve its business model by delivering the right lineup and price points to meet simple filers' needs at the low end. Intuit also announced that TurboTax online paying units were expected to grow by only 2% as total IRS filers were expected to decline by approximately 30 basis points, representing the "most significant industry-wide contraction since the post-COVID tax season."
On this news, Intuit's stock price fell $76.86 per share, or 20.02%, to close at $307.07 per share on May 21, 2026.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Intuit's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Intuit class action, go to www.faruqilaw.com/INTU or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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Frequently Asked Questions (FAQ) for Investors Regarding the Intuit Securities Class Action Lawsuit:
What is the Intuit securities fraud lawsuit about?
The lawsuit alleges Intuit misled investors by overstating TurboTax growth, competitive strength, and FY2026 guidance while failing to disclose increasing pricing and competitive pressures.
Who may be eligible to participate in the lawsuit?
Investors who purchased Intuit (NASDAQ: INTU) securities between February 25, 2025 and June 1, 2026 may be eligible if they suffered losses.
What is a lead plaintiff, and how can I seek appointment?
A lead plaintiff represents the proposed class. Eligible investors must file a motion with the court by September 8, 2026. Participation does not require serving as lead plaintiff.
What should investors do if they purchased Intuit stock during the Class Period?
Investors should review their transactions and consider consulting counsel regarding their legal rights, participation in the lawsuit, or seeking lead plaintiff status.
Why should investors contact Faruqi & Faruqi, LLP?
Faruqi & Faruqi has represented investors since 1995 and recovered hundreds of millions of dollars. The firm offers free evaluations of potential securities fraud claims.
Faruqi & Faruqi, LLP has represented investors in securities litigation for decades and has recovered hundreds of millions of dollars for shareholders. Investors who purchased Intuit securities during the Class Period may contact the firm to discuss their legal rights, potential claims, and the lead plaintiff process at no cost or obligation.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
SOURCE Faruqi & Faruqi, LLP
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