MONSEY, N.Y., Nov. 07, 2022 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating whether Intuit, Inc. (Nasdaq: INTU) (“Intuit”) has violated federal securities laws. If you suffered losses as a result of recent drops in the price of Intuit stock, and have questions about your legal rights, please contact us at the following link to discuss your options at no charge:
https://wohlfruchter.com/cases/intuit/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
Intuit sells financial software and products to individuals and small businesses, including TurboTax, QuickBooks, and Credit Karma.
On November 3, 2022, the Bear Cave published a report highlighting recent regulatory actions concerning Intuit’s business practices.
One of Intuit’s business divisions is Credit Karma, which offers visitors free recommendations on loans and credit cards. The Bear Cave report noted that, on September 1, 2022, Credit Karma settled claims brought by the FTC alleging that Credit Karma had been “tricking consumers with allegedly false ‘pre-approved’ credit offers.” Among other terms, the September 2022 settlement requires Credit Karma to pay $3 million, and prohibits Credit Karma from deceiving consumers about credit offer approvals.
The Bear Cave report also noted that the FTC has an action pending against Intuit concerning what the FTC claims are “bait-and-switch” ads that allegedly market “free” tax filing services to consumers that in fact charge fees. An evidentiary hearing before an Administrative Law Judge is currently scheduled for March 27, 2023.
Separately, the Bear Cave report noted that, in May 2022, all 50 state attorneys reached a settlement under which Intuit will pay $141 million in restitution to millions of consumers across the nation who were charged for TurboTax tax prep targeting low-income people eligible for free services.
After the Bear Cave report was published, Intuit stock fell 4.39% on November 3, 2022, and 1.59% on November 4, 2022.
About Wohl & Fruchter
Wohl & Fruchter LLP, with offices in New York City and Monsey, has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
