Intuit Faces Class Action Suit Over TurboTax Revenue and Layoffs

The lawsuit, Baldwin v. Intuit Inc., filed in the Northern District of California, accuses the company and its top executives of violating the Securities Exchange Act of 1934. Plaintiffs claim Intuit overstated the sustainability of its business model while failing to disclose significant declines in its TurboTax division due to mounting pricing and competitive pressures. The complaint asserts that the company’s 2026 revenue guidance was based on unrealistic expectations.

Market volatility intensified on May 20, 2026, when reports surfaced that Intuit planned to lay off 17% of its global workforce—roughly 3,000 employees. The company's stock price tumbled nearly 4% on the news. Later that day, Intuit confirmed fiscal third-quarter results showing TurboTax revenue growth of only 7%, missing analyst consensus. CEO Sasan K. Goodarzi further revealed that paying units were expected to grow by just 2%, citing an industry-wide tax filing contraction. Following these disclosures, the company’s stock price dropped more than 20%. Investors seeking to participate in the litigation may contact Robbins Geller Rudman & Dowd LLP to represent their interests.