The complaint, Baldwin v. Intuit Inc., alleges that company executives misled shareholders regarding the health of its TurboTax business. According to the lawsuit, Intuit failed to disclose rising competitive pressures that undermined its revenue growth guidance. These claims culminated on May 20, 2026, when the company revealed it would cut 17% of its global workforce—roughly 3,000 employees—to streamline operations. Following this announcement, stock prices fell nearly 4%.
Later that day, Intuit reported fiscal third-quarter results showing TurboTax revenue growth of only 7%, missing consensus estimates. CEO Sasan K. Goodarzi further disclosed that online paying units were projected to grow by just 2% amid a broader industry contraction. Shares dropped over 20% on that news. The law firm Robbins Geller Rudman & Dowd LLP is representing the plaintiffs, arguing that the defendants violated the Securities Exchange Act of 1934 by providing unrealistic projections to the market.
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