Navan Shareholders Are Encouraged to Reach Out to Johnson Fistel for More Information about Potentially Recovering Their Losses

SAN DIEGO – Johnson Fistel, PLLP is investigating potential claims on behalf of investors of Navan, Inc. (NASDAQ: NAVN). The investigation focuses on Navan’s executive officers and whether investor losses may be recovered under federal securities laws.

What if I purchased Navan securities?

Or for more information, contact Jim Baker at jimb@johnsonfistel.com or (619) 814-4471.

There is no cost or obligation to you.

Background of the Investigation

· On October 30, 2025, Navan conducted its initial public offering, selling approximately 36.9 million shares at $25.00 per share. On February 18, 2026, Navan’s stock closed at $10.10 per share.

· On December 15, 2025, Navan released its third quarter fiscal 2026 financial results, reporting that “GAAP loss from operations was ($79 million), compared to a loss from operations of ($19 million)” in the same period last year. The Company further reported that “GAAP operating margin was (41%), compared to (13%)” in the prior-year period, reflecting a significant year-over-year deterioration in GAAP operating performance and profitability metrics.

· Also on December 15, 2025, the Company announced that its Chief Financial Officer would be stepping down approximately six weeks after the IPO. The timing of this leadership change, in close proximity to the Company’s initial public offering and concurrent with the release of materially weaker operating results, highlights a near-term transition in Navan’s senior financial management following its public debut.

In light of this disclosure, Johnson Fistel is investigating whether Navan complied with the federal securities laws. If you suffered losses from your investment in Navan stock, contact Johnson Fistel.