Law firm Bleichmar Fonti & Auld LLP is investigating Intuit Inc. for potential securities fraud.
The probe examines whether Intuit made false or misleading statements to investors regarding the price competitiveness of its TurboTax software during the 2026 tax season.
Intuit's third-quarter earnings report on May 20, 2026, triggered the investigation.
During a subsequent earnings call, management stated they did not have the expected tax season.
Management also admitted they lost on price.
Following these disclosures, Intuit's stock price fell 20%.
The share price declined from $383.93 to $307.07.