NAVN SHAREHOLDER NOTICE: Securities Class Action Alleges Navan's (NAVN) IPO Materials Omitted to Surge in Sales & Marketing Expenses - Hagens Berman

NAVN Investors with Losses Encouraged to Contact Firm Before April 24 Lead Plaintiff Deadline

SAN FRANCISCO, April 20, 2026 /PRNewswire/ -- National shareholder rights law firm Hagens Berman notifies investors in Navan, Inc. (NASDAQ: NAVN) that the deadline to move for Lead Plaintiff in the pending securities class action is April 24, 2026.

REPORT YOUR NAVN INVESTMENT LOSSES TO HBSS NOW

The lawsuit, McCown v. Navan, Inc., et al., No. 26-cv-01550, filed in the U.S. District Court for the Northern District of California, seeks to recover losses for investors who purchased Navan common stock pursuant or traceable to the company's October 2025 Initial Public Offering (IPO).

Investors in Navan (NAVN) are encouraged to visit: www.hbsslaw.com/cases/navan

"Our investigation focuses on whether the registration statement issued in connection with Navan's IPO accurately reflected the company's financial trajectory," said Reed Kathrein, the Hagens Berman partner leading the firm's investigation of the alleged claims in the pending suit. 

Summary of NAVN Class Action's Allegations: The Omitted Costs of Growth

The filed complaint against Navan, its top executives, and its IPO underwriters alleges that the IPO Registration Statement and Prospectus were false and misleading and omitted to disclose material facts.

• The $95 Million Expense Spike: That at the time of the IPO, Navan had already increased its sales and marketing expenses to approximately $95 million for the quarter ending Oct. 31, 2025—a 39% increase over the prior quarter ($68.5 million).
• Unsustainable Metrics: That this surge in spending was necessary to sustain the revenue and Gross Booking Volume (GBV) growth touted in the IPO documents.
• CFO Abrupt Departure: On December 15, 2025, just six weeks post-IPO, Navan revealed the sudden departure of its CFO, Amy Butte.
• 63% Value Erosion: On the news of the expense spike and CFO exit, Navan's stock fell nearly 12% in a single day. Since the IPO price of $25.00, shares have plummeted to as low as $9.16, representing a 63% decline for IPO investors

Critical Deadline: April 24, 2026

If you purchased Navan common stock in or traceable to the October 2025 IPO, you have until April 24, 2026, to ask the Court to appoint you as Lead Plaintiff.

• Submit Your Navan (NAVN) Investment Losses to HBSS Now
• Contact: Reed Kathrein at 844-916-0895 or email [email protected]

If you'd like more information and answers to additional frequently asked questions about the case and the firm's Navan investigation, read more »

Whistleblowers: Persons with non-public information regarding Navan should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new 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, call Reed Kathrein at 844-916-0895 or email [email protected].

About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

SOURCE Hagens Berman Sobol Shapiro LLP