The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of shareholders who purchased or otherwise acquired Intuit Inc. (“Intuit” or the “Company”) (NASDAQ: INTU) securities between August 22, 2025 and May 20, 2026, inclusive (the “Class Period”). Intuit investors have until September 8, 2026 to file a lead plaintiff motion.

What Happened?

On May 20, 2026, Reuters published an article stating that “Intuit . . . is laying off about 17% of its workforce, or about 3,000 employees worldwide, to streamline operations and sharpen focus on its key bets including its AI efforts” and that the Company “is also winding down its Reno and Woodland Hills offices as ⁠part of a strategic restructuring to consolidate teams in key hubs, according to the memo.”

On this news, Intuit’s stock price fell $15.78, or 3.95%, to close at $383.93 per share on May 20, 2026, thereby injuring investors.

The same day, after market hours, Intuit released its fiscal third quarter 2026 financial results, reporting weak revenue, including TurboTax revenue that grew by only 7% year-over-year, versus consensus estimates of at least 8% revenue growth due to “[facing] pressure among the most price-sensitive DIY filers earning less than $50,000 a year” and that the Company “lost on price.” Additionally, the Company disclosed 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, or 20.02%, to close at $307.07 per share on May 21, 2026, thereby injuring investors further.

What Is The Lawsuit About?

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.