Levi & Korsinsky, LLP: Navan CEO and CFO Face Personal Liability for Alleged IPO Losses

Important Information Regarding Section 15 Individual Liability Claims

NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky, LLP alerts investors in Navan, Inc. (Nasdaq: NAVN) of a pending securities class action naming senior executives as individual defendants. Find out if you qualify to recover losses or contact Joseph E. Levi, Esq. at [e-mail] or [phone].

Navan's IPO priced at $25 per share on October 31, 2025. Shares have since fallen as low as $9.20, a decline of nearly 63% from the Offering Price. The lead plaintiff deadline is April 24, 2026.

The Named Individual Defendants

Ariel Cohen, Navan's Chief Executive Officer and Chairperson of the Board, and Amy Butte, then-Chief Financial Officer, each signed the Registration Statement and Prospectus used in connection with the Company's October 2025 IPO. Anne Giviskos, the Chief Accounting Officer, also signed the Offering Documents, as did eight members of the Board of Directors, including Chief Technology Officer Ilan Twig.

The lawsuit contends that each individual who signed the Offering Documents had a duty to conduct a reasonable investigation into the truthfulness and accuracy of the statements contained therein.

Section 15 Controlling Person Framework

Under Section 15 of the Securities Act of 1933, individuals who controlled Navan at the time the Offering Documents were issued may bear personal liability for materially misleading statements or omissions contained in those documents. The action asserts that:

• Cohen, as CEO and Board Chair, exercised authority over the Company's business operations and the content of the Registration Statement
• Butte, as CFO, oversaw financial reporting and participated in preparing the financial disclosures in the Offering Documents
• Giviskos, as Chief Accounting Officer, was responsible for the accuracy of accounting information presented to IPO investors
• Each director defendant reviewed, approved, and signed the Offering Documents
• No individual defendant conducted an adequate due diligence investigation, as pleaded in the complaint
• The Offering Documents omitted the 39% quarter-over-quarter surge in sales and marketing expenses that was known at the time of the IPO

Signing Obligations and Due Diligence Duties

The complaint charges that by signing the Registration Statement, each individual defendant assumed a statutory obligation to ensure its accuracy and completeness. The action contends these defendants should have known that representing "rapid growth" without disclosing the concurrent spike in sales and marketing costs from $68.5 million to nearly $95 million rendered the Offering Documents misleading.

"Corporate officers and directors who sign an IPO registration statement have a duty to ensure that the Company's public disclosures are accurate and complete. When investors purchase shares based on those documents, signatories bear personal responsibility for material omissions." -- Joseph E. Levi, Esq.

Submit your information to join the recovery or call [phone].

Levi & Korsinsky, LLP -- Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered. To be considered for lead plaintiff, investors must file by April 24, 2026.