LEVI & KORSINSKY, LLP: NAVAN DISCLOSURE TIMELINE REVEALS PATTERN OF ALLEGED INVESTOR HARM

Key Dates and Disclosure Events Shareholders Need to Know

NEW YORK, March 30, 2026 (GLOBE NEWSWIRE) -- Levi & Korsinsky, LLP encourages investors who suffered losses in Navan, Inc. (Nasdaq: NAVN) to contact the firm. WHO IS AFFECTED: Those who purchased NAVN securities pursuant or traceable to the Company's October 31, 2025 IPO may be entitled to recover damages. Find out if you are eligible to recover losses. You may also contact Joseph E. Levi, Esq. at jlevi@levikorsinsky.com or (212) 363-7500.

Navan's IPO priced at $25 per share on October 31, 2025. By early 2026, shares traded as low as $9.20, a loss of nearly $15.80 per share (63%). The window to apply for lead plaintiff closes on April 24, 2026.

June 20, 2025: The Draft Registration Statement

Navan filed its initial draft registration statement on Form S-1 with the SEC. The document set the stage for a public offering by touting 33% year-over-year revenue growth, 32% GBV growth, and a stable 7% usage yield. These figures became the foundation on which investors would later evaluate the IPO.

October 30, 2025: The Prospectus Goes Final

One day before trading began, Navan filed its final Prospectus. The document repeated claims of "rapid growth" and "increased demand" while listing generic risk factors about customer acquisition costs. The lawsuit contends the Prospectus failed to disclose that sales and marketing expenses for the quarter then ending had already surged 39% above the prior quarter.

October 31, 2025: IPO Day

The SEC declared the Registration Statement effective. Navan sold 36.9 million shares at $25 each, generating anticipated gross proceeds exceeding $920 million. Underwriters collected $36.7 million in commissions. On this same day, the quarter that would later reveal ballooning costs officially closed.

December 15, 2025: The Truth Surfaces

Navan filed its 10-Q for the quarter ending October 31, 2025, disclosing sales and marketing expenses of nearly $95 million versus $68.5 million the prior quarter. On the same earnings call, the CEO announced the CFO's imminent departure effective January 9.

December 16, 2025: Shareholders Bear the Cost

Shares fell almost 12% in a single session, closing at $12.90 on heavy volume. The decline continued in subsequent weeks.

Chronology of Material Events

• June 20, 2025: Draft S-1 filed; growth metrics prominently featured
• October 10, 2025: Amended S-1 filed, maintaining same growth narrative
• October 30, 2025: Final Prospectus filed; no disclosure of 39% expense spike occurring that quarter
• October 31, 2025: IPO prices at $25; quarter with elevated expenses closes the same day
• December 15, 2025: 10-Q reveals $95 million in sales and marketing spend; CFO departure announced
• December 16, 2025: Stock drops almost 12% to $12.90

Submit your claim before the deadline or call (212) 363-7500.

"Timely disclosure of material developments is fundamental to fair and efficient markets. The sequence of events here raises important questions about whether investors received the information they needed before committing capital at the IPO price." -- Joseph E. Levi, Esq.

ABOUT THE FIRM -- For over two decades, Levi & Korsinsky has represented shareholders in securities class actions. Ranked in ISS Top 50 for seven consecutive years. Those wishing to serve as lead plaintiff must act by April 24, 2026.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171

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