Navan, Inc.

Background

Company Name	Navan, Inc.
Stock Symbol	NAVN
Class Period	October 28, 2025 to February 23, 2026
Lead Plaintiff Motion Deadline	April 24, 2026

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If you suffered a loss on your Navan, Inc. investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below. Please note that submission of this form does not by itself form an attorney-client relationship nor does filing out this form mean you have joined any lawsuit.

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Shares Purchased

Number of Shares	Buy Date	Price Per Share	Add
Purchased quantity	Purchased month Purchased day Purchased year

Shares Sold

Number of Shares	Sell Date	Price Per Share	Add
	Sold month Sold day Sold year

Additional Comments

Background

On or about October 31, 2025, Navan conducted its IPO, selling approximately 36.9 million shares at $25.00 per share.

On December 15, 2025, Navan released its third quarter fiscal 2026 financial results, revealing that it increased its sales and marketing expenses to nearly $95 million, a 39% increase from its $68.5 million sales and marketing expenses in the previous quarter.

The Company also announced that its CFO was stepping down, effective immediately, just six weeks after the IPO.

On this news, Navan’s stock price fell $1.74, or 11.9%, to close at $12.90 per share on December 16, 2025, thereby injuring investors.

As of the filing of this case, the Company’s stock has continued to fall, trading as low as $9.20 per share, over 63% below its $25 IPO price.

The complaint filed in this class action alleges that the Registration Statement made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) at the time of the IPO, the Company had increased its “sales and marketing” expenses by 39% for the quarter ending October 31, 2025 ($95 million) to sustain its revenue, Gross Booking Volume, and usage yield growth; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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