A securities law firm launched an investigation into Intuit Inc. for potential securities fraud on May 29, 2026. The probe examines whether the company misled investors regarding competitive pricing for TurboTax during the 2026 tax season.
This investigation follows a 20% drop in Intuit's stock price on May 21. The company previously disclosed it missed tax season expectations due to pressure among price-sensitive DIY filers.
Despite the legal probe, Intuit shares rose significantly on May 29. The rally follows strong third-quarter financial results and increased fiscal year 2026 revenue and earnings guidance announced on May 20. Positive analyst ratings and AI-powered product advancements also contributed to the gains.