Intuit is defending two proposed shareholder class actions in the Northern District of California. Both name the company, chief executive Sasan Goodarzi and chief financial officer Sandeep Aujla.
Baldwin v. Intuit Inc. et al., No. 3:26-cv-07086, filed on 10 July 2026, concentrates on TurboTax. It alleges Intuit overstated its competitive position while the tax business faced rising price pressure. Its proposed class runs from 22 August 2025 to 20 May 2026.
Bruce v. Intuit Inc. et al., No. 5:26-cv-08518, filed on 17 August by Grant & Eisenhofer, adds Mailchimp. The firm says the complaint alleges misleading statements about the competitive impact of generative AI and about Mailchimp’s performance and growth prospects. It widens the class to 25 February 2025 through 1 June 2026.
These are allegations. No court has ruled on them.
Intuit’s response
Intuit acknowledged both actions in its Form 10-K filed on 9 September. It said it has “strong defenses to these claims”, that no lead plaintiff or counsel had been appointed, and that it could not estimate a reasonably possible loss.
The lead plaintiff deadline fell on 8 September. The court will decide who leads and whether the two actions are consolidated.
The gap was already public
Emailexpert reported in September 2025 that Intuit’s forecasts showed stronger growth with Mailchimp excluded. In the first quarter of fiscal 2026, Online Ecosystem revenue grew 21%, or 25% without Mailchimp.
In the third quarter, Global Business Solutions grew 15%, or 17% without Mailchimp. Online Ecosystem grew 19%, or 22%.
For the full year, Global Business Solutions grew 16%, or 18% without Mailchimp. Online Ecosystem grew 19%, or 23%.
On 26 February 2026, inside the Bruce class period, Intuit’s second quarter release said the company “expects Mailchimp to return to double-digit growth some time beyond fiscal 2026”. Whether that disclosure came early enough is the question the court will have to answer.
Investment cut, then separated
On 20 May 2026 Intuit announced a 17% workforce reduction costing $300 million to $340 million. Goodarzi’s memo to staff, filed with the SEC, said Intuit was “reducing investments in certain areas, including Mailchimp”. Emailexpert covered the cuts at the time.
From 1 August 2026 Mailchimp is managed as a separate operating segment. The fourth quarter release confirms it becomes a separate reportable segment in fiscal 2027, with guided revenue of $1.256 billion to $1.266 billion. That is a 1% decline to flat. Global Business Solutions is guided to 13% to 14%.
From next quarter, Mailchimp’s numbers stand on their own. Emailexpert set out in June why the engagement market is splitting in two, and Mailchimp sits on the slower side.
Five years on
Intuit closed the Mailchimp acquisition on 1 November 2021 for approximately $12 billion. The platform now grows more slowly than the rest of the company, has had its investment cut, and will shortly report alone. Intuit’s filings settle that much. Whether investors were told an accurate story while it happened is for the court.
