Navan Inc. silently increased its sales and marketing expenses by 39% in the quarter ending on the day of its initial public offering, causing a stock drop when the information became public, an investor alleges.
The business travel platform’s stock continued to slide after that, trading as low as 63% below its $25 IPO offering price, David McCown says. McCown filed his proposed class action Monday in the US District Court for the Northern District of California.
The suit comes on the heels of a strong year for US IPOs in 2025, with activity expected to continue strong in 2026. ...
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