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| Intuit Seeks Definitive Numbers from H&R Block |
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| Maker of TurboTax Answers Block, Files Counter Claims |
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MOUNTAIN VIEW, Calif. -
Feb.
2,
2006 -
Intuit Inc. (Nasdaq: INTU) today filed its answer and counterclaims of fraud and false advertising against H&R Block in federal district court in Kansas City. The counterclaims are part of the company's defense of its TurboTax® ad campaign, which was recently challenged in court by H&R Block.
"We built our advertising campaign around the number of returns that Block publicly reported," said Brad Henske, senior vice president and general manager of Intuit's Consumer Tax Group. "But in the last three weeks, Block provided new and contradictory numbers. We agreed to modify our ad after viewing these figures that Block provided to the court. Block then went back to court to have those new numbers sealed because they were not willing to stand behind them publicly.
"Now we want Block to make public the right numbers," Henske added. "And we'll continue to create honest and responsible advertising."
As part of its counterclaims, Intuit charged Block with making inconsistent statements regarding how many tax returns it prepares annually. Block has stated repeatedly, in public Securities and Exchange Commission filings and at its Jan. 10 Investment Community Conference statement, that Block-branded retail stores were responsible for fewer than 19 million returns in each of the previous six tax years.
However, in its formal complaint filed on Jan. 13, Block asserted for the first time under oath that its stores prepared more than 26 million returns. Then, four days later, Block submitted in court yet a different number of prepared returns but then asked the court to seal the number to prevent disclosure of this latest figure.
According to court transcripts, a Block attorney asked the court to preclude publication of these latest figures - which were different than any figures Block had previously disclosed - saying, "We do have investors. I don't want anybody…other than us making a misuse of those numbers indicating that that's somehow a representation by us to the public."
Intuit wants Block to prove the definitive number of returns prepared by Block.
About Intuit Inc.
Intuit Inc. is a leading provider of business and financial management solutions for small and mid-sized businesses, consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax® software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation software suites for professional accountants.
Founded in 1983, Intuit had annual revenue of more than $2 billion in its fiscal year 2005. The company has nearly 7,000 employees with major offices in 13 states across the U.S. and offices in Canada and the United Kingdom. More information can be found at www.Intuit.com.
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