Overview

A class action lawsuit has been filed against Navan, Inc. (“Navan” or the “Company”) (NASDAQ : NAVN) and certain of the Company’s senior executive officers, board members, and underwriters alleging violations of the federal securities laws. The Navan lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Navan common stock pursuant or traceable to the Company’s initial public offering (“IPO”). Investors have until April 24, 2026, to seek appointment as lead plaintiff of the Navan class action lawsuit.

Navan operates a platform combining travel booking, corporate-issued payment cards, expense reporting, and analytics solutions to businesses.

On October 31, 2025, Navan conducted its IPO, offering approximately 36.9 million shares at $25 per share, raising more than $920 million in gross proceeds. The complaint alleges that the registration statement and prospectus issued in connection with the IPO contained materially false and misleading statements and omitted material information required to be disclosed.  Among other things, the offering documents highlighted Navan’s “rapid growth,” including 33% year-over-year revenue growth and 32% year-over-year growth in Gross Booking Volume (“GBV”), while representing that the Company’s usage yield remained stable at approximately 7%.

According to the complaint, the offering documents failed to disclose that Navan needed to significantly increase its sales and marketing expenses to sustain its revenue, GBV, and usage yield growth. Specifically, for the quarter ending October 31, 2025, which was also the same day the IPO closed, Navan’s sales and marketing expenses increased approximately 39% quarter-over-quarter, from $68.5 million to nearly $95 million. The complaint alleges that these trends were known or reasonably likely at the time of the IPO and were required to be disclosed under SEC regulations.

The truth began to emerge on December 15, 2025, when Navan reported quarterly results reflecting the sharp increase in sales and marketing expenses and announced that its Chief Financial Officer would step down. The following day, Navan’s stock price fell nearly 12%, closing at $12.90 per share. On the day the complaint was filed, Navan stock closed at $9.16 per share, representing a decline of 63% from the $25 IPO price.

*          *          *

If you purchased or otherwise acquired Navan common stock between October 28, 2025, and February 23, 2026, and you wish to serve as lead plaintiff in this lawsuit, you are encouraged to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt attorneys Brian O’Mara and Hani Farah by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Navan class action lawsuit is April 24, 2026.