The lawsuit alleges that the company’s October 31, 2025, IPO offering materials did not adequately disclose that, at the time of the Offering, Navan had sharply increased sales and marketing spending and was facing slowing revenue trends, which were necessary to sustain its reported growth metrics. Navan sold approximately 36.9 million shares at $25 per share in the IPO. On December 15, 2025, the company disclosed a substantial sequential increase in sales and marketing expenses and announced the departure of its Chief Financial Officer, and the stock declined the following trading day, closing at $12.90 per share.
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