Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Navan, Inc. (“Navan” or the “Company”) (NasdaqGS: NAVN).

Navan, headquartered in Palo Alto, California, provides booking and expense management software for business travelers. On or about October 31, 2025, Navan conducted its initial public offering (the “IPO” or “Offering”), selling 36,924,406 shares of common stock to the investing public at $25 per share. The registration statement and prospectus issued in connection with the IPO (the “Offering Documents”) touted that Navan's business had “experienced rapid growth,” including year-over-year revenue growth of 33%, Gross Booking Volume growth of 32%, and a usage yield of approximately 7% in each of fiscal years 2024 and 2025. However, the Offering Documents allegedly failed to disclose that this growth was increasingly dependent on escalating sales and marketing spending: in the quarter ending October 31, 2025, the very day of the IPO, Navan's sales and marketing expenses rose to approximately $95 million, a 39% increase over the $68.5 million spent in the prior quarter.

Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period in violation of federal securities laws. That litigation remains ongoing.

KSF’s investigation is focusing on whether Navan’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.

If you have information that would assist KSF in its investigation, or have been a long-term holder of Navan shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-833-538-3606 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-navn/ to learn more.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.

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To learn more about KSF, you may visit www.ksfcounsel.com.

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