Grant & Eisenhofer Files Class Action Lawsuit Against Intuit Inc., Extending Class Period of Previously Filed Action

NEW YORK--(BUSINESS WIRE)--Today, Grant & Eisenhofer P.A. filed a class action lawsuit on behalf of Kenneth Bruce against Intuit Inc. (“Intuit” or the “Company”), Intuit’s CEO Sasan K. Goodarzi, and Intuit’s CFO Sandeep S. Aujla (collectively, the “Defendants”). The action alleges that Defendants defrauded investors by making materially false and/or misleading statements and failing to disclose material adverse facts regarding the competitive threat that generative artificial intelligence (“GenAI”) posed to Intuit’s core businesses, including TurboTax, and the deteriorating performance of Mailchimp, the email marketing platform Intuit acquired for approximately $12 billion in 2021.

The action, brought in the United States District Court for the Northern District of California, is captioned Bruce v. Intuit Inc., et al., No. 5:26-cv-08518 (N.D. Cal.). It is related to the action captioned Baldwin v. Intuit Inc., et al., No. 3:26-cv-07086 (N.D. Cal.). The action expands the class period asserted in the Baldwin action so that it now includes all persons or entities who purchased or acquired Intuit common stock from February 25, 2025 through June 1, 2026, inclusive (the “Class Period”).

Intuit is a global financial technology company that provides software and services to consumers, small and mid-market businesses, and accounting professionals. Through products including TurboTax, QuickBooks, Credit Karma, and Mailchimp, Intuit offers tax preparation, accounting, payroll, payments, personal finance, marketing automation, and other financial management solutions. In 2021, Intuit acquired Mailchimp, an email marketing platform, for approximately $12 billion.

The complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Specifically, the lawsuit alleges that throughout the Class Period, Defendants issued a series of materially false and misleading statements concerning the impact of GenAI on Intuit’s business and the performance and growth prospects of Mailchimp. Defendants represented that GenAI was a tailwind rather than a competitive threat and that Intuit’s AI-driven platform, AI-enabled human experts, and integrated ecosystem provided a durable competitive advantage that GenAI could not replicate. At the same time, Defendants allegedly concealed that GenAI was already placing significant competitive pressure on Intuit’s core businesses, particularly TurboTax. The complaint further alleges that Defendants misrepresented Mailchimp’s performance and growth prospects, continuing to project double-digit growth while concealing the extent of its operational difficulties, integration challenges, and deteriorating growth trajectory.

Investors first learned the truth on May 20, 2026, when Intuit reported disappointing third quarter fiscal 2026 financial results and announced a sweeping restructuring that would reduce its workforce by approximately 17%. Intuit revealed that its tax business had fallen short of expectations, particularly among price-sensitive do-it-yourself filers, and that the Company would need to rethink its strategy to regain those customers. Intuit also disclosed that it was reducing its investment in Mailchimp following continued underperformance, effectively abandoning its previously touted strategy of returning the business to double-digit growth. On this news, Intuit’s stock price declined 20%, erasing more than $20 billion in market capitalization.

Then, on June 2, 2026, additional information emerged when Goldman Sachs downgraded Intuit’s stock, warning that Intuit’s “fundamentals may get worse before they get better,” and citing growing competition from lower priced, GenAI-powered tax services and Mailchimp’s deteriorating performance. On this news, Intuit’s stock price declined an additional approximately 9%, erasing another $8.5 billion in market capitalization.

Investors who purchased or acquired Intuit common stock during the Class Period are members of this proposed Class and may be able to seek appointment as lead plaintiff, which is a court-appointed representative of the Class, by complying with the relevant provisions of the Private Securities Litigation Reform Act of 1995 (the “PSLRA”). See 15 U.S.C. Section 78u-4(a)(2)(A)(i)-(iv).

If you wish to serve as lead plaintiff, you must move the Court by no later than September 8, 2026. You do not need to seek to become a lead plaintiff in order to share in any possible recovery. You may also retain counsel of your choice to represent you in this action.

If you wish to discuss this action or have any questions concerning this notice or your rights, please contact Vincent Pontrello at Grant & Eisenhofer at 646-722-8500, or via email at [e-mail].