Shares of Intuit plunged another 10.2% to $317.62 on June 2, 2026, as a securities-fraud investigation and a Goldman Sachs downgrade to Sell piled onto a stock already reeling from a disastrous tax-season confession. The shares have now retreated 59.3% from their 52-week high of $813.70 , and the stock has fallen 50% year-to-date, sharply trailing the S&P 500's 10.7% advance.

  • Intuit Admitted It Lost on Price — and Lawyers Took Notice. During the lead-up to the 2026 tax season, Intuit told investors it understood what worked — "being at the lowest price compared to alternatives" — and that the season was "off to a strong start." In truth, the company was facing pressure among the most price-sensitive do-it-yourself tax filers and was not competitive on price.

Bleichmar Fonti & Auld LLP is now investigating whether those statements constituted securities fraud.

The original May 20 earnings disclosure triggered a $76.86-per-share, or 20%, single-day drop.

  • The Numbers Looked Fine Until You Read the Fine Print. Q3 revenue reached $8.56 billion, up 10%, with non-GAAP earnings per share of $12.80, up 10%. But TurboTax is now expected to grow only about 7% for fiscal 2026, below the company's earlier 8%-to-10% outlook , and online paying units were expected to grow by just 2% amid what management called the "most significant industry-wide contraction since the post-COVID tax season."

  • Goldman Says AI Rivals Could Permanently Shrink the Business. Goldman Sachs downgraded Intuit to Sell on June 2 and slashed its price target to $276 from $519 , arguing that Intuit's historical ~14% annual revenue growth rate may slow to 5%-to-10% as AI-powered competition gains traction.

The company is simultaneously cutting roughly 3,000 jobs — 17% of its workforce — and taking $300–$340 million in restructuring charges to refocus on AI, an acknowledgment that the old playbook is broken.

  • Investors Are Fleeing Despite a Raised Outlook. Management lifted full-year revenue guidance to $21.34–$21.37 billion, or 13–14% growth , yet the market is ignoring it. Brown Advisory dumped 55.7% of its Intuit position in Q1 2026, and Royal Bank of Canada sold 62.4% of its stake. The core fear: if AI commoditizes tax-prep guidance, Intuit's ability to charge premium prices — the engine of its entire consumer business — erodes permanently. Until management proves it can win back budget filers without destroying margins, the stock carries both legal and strategic risk that few buyers want to own.