Company Announcements

Executive Accountability: Goldman Sachs Named as Lead Underwriter in Securities Action Alleging IPO Concealment

NEW YORK , March 5, 2026 /PRNewswire/ -- Goldman Sachs & Co. LLC sold over 12.9 million shares of Navan, Inc. (Nasdaq: NAVN) common stock to investors in the Company's October 2025 IPO at $25 per share. Those shares have since lost nearly 63% of their value. SueWallSt notifies investors that a securities class action has been filed against Goldman Sachs and other defendants. Find out if you qualify to recover your IPO losses or contact Joseph E. Levi, Esq. at jlevi@SueWallSt.com or (888) SueWallSt.

Shares purchased at the $25 IPO price traded as low as $9.20 per share by the time the action was commenced. The lead plaintiff deadline is April 24, 2026.

Goldman Sachs's Role in the Navan Offering

The complaint identifies Goldman Sachs as the lead underwriter and representative of all underwriters for the Navan IPO, which generated over $920 million in gross proceeds. Goldman Sachs earned a share of $36.7 million in underwriting discounts and commissions. As alleged in the action, Goldman Sachs assisted in preparing and disseminating the Offering Documents, conducted the IPO roadshow, and had continual access to confidential corporate information about Navan's business and financial condition.

What Goldman Sachs Allegedly Oversaw

As pleaded in the complaint, the Underwriter Defendants, including Goldman Sachs:

- Met with potential investors and presented favorable but allegedly materially misleading information about Navan's business and financial prospects

- Had access to Navan's management and directors to determine IPO pricing, Offering Document language, and disclosure decisions

- Purported to conduct a "due diligence" investigation during which they had continual access to confidential corporate data

- Were aware of, or should have known about, the undisclosed 39% surge in sales and marketing expenses occurring during the IPO quarter

- Helped set the $25 per share offering price based on Offering Documents that allegedly omitted material cost trends

Goldman Sachs's Liability Under Section 11

The action contends that Goldman Sachs, as an underwriter, is strictly liable for materially misleading statements in the Offering Documents unless it can establish a "due diligence" affirmative defense. The complaint asserts that no Underwriter Defendant conducted an adequate investigation and that Goldman Sachs should have known the Offering Documents were incomplete regarding Navan's escalating sales and marketing costs.

"Individual officers who sign SEC certifications bear personal responsibility for the accuracy of corporate disclosures. The same accountability extends to underwriters who stake their reputations on the completeness of offering materials they help prepare and distribute," stated Joseph E. Levi, Esq.

LEAD PLAINTIFF DEADLINE: April 24, 2026

Speak with an attorney about recovering your Navan IPO losses or call Joseph E. Levi, Esq. at (212) 363-7500.

Levi & Korsinsky, LLP, Top 50 securities litigation firm (ISS, seven consecutive years). Over 70 professionals. Hundreds of millions recovered for investors.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
jlevi@SueWallSt.com
Tel: (888) SueWallSt
Fax: (212) 363-7171

View original content:https://www.prnewswire.com/news-releases/goldman-sachs-led-920m-navan-ipo-that-allegedly-cost-investors-63-suewallst-302705650.html

SOURCE SueWallSt.com