Navan, Inc. (NAVN) Securities Class Action

The litigation challenges Navan’s alleged omissions from its IPO offering documents, including adverse, then-existing trends in sales and marketing expenses.

The complaint alleges that Navan’s IPO offering documents offered a picture of potential growth by emphasizing that its business “experienced rapid growth,” and its solutions catered to “customers of all sizes across any industry vertical.” The IPO documents stated Navan’s revenue “grew 33% year-over-year” from 2024 to 2025, its gross booking volume (“GBV”) “grew 32% year-over-year” during the same timeframe, and its “usage yield” was “approximately 7%” in each of those years as well.

But, when on December 15, 2025, Navan unexpectedly reported a 39% sequential spike in its sales and marketing expenses during the IPO-coincident quarter ended October 31, 2025, slowing year-over-year revenue growth, and a fourfold year-over-year increase in its GAAP net loss, questions arose about the sufficiency of Navan’s disclosures, including those related to its Q3 expense trends, while conducting its IPO.

The complaint alleges that Navan’s and the other defendants’ statements and omissions during the IPO misled investors because crucial information – including the spike in sales and marketing expenses – was not included in the company’s offering documents.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the NAVN investigation about?

We are investigating whether, at the time of its IPO, Navan was legally transparent about apparently known, materially adverse trends in its business. We’re also investigating the circumstances surrounding the CFO’s abrupt departure.

WHAT SHOULD I DO?

I worked at NAVN. What should I do?

If you were an employee of NAVN, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in NAVN, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any NAVN investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.