A16z Capital Management acquired approximately 27.2 million shares of Navan with an investment of $464.5 million, according to a U.S. Securities and Exchange Commission (SEC) Form 13F filing.
A16z was co-founded by veteran investor Marc Andreessen and Ben Horowitz. Horowitz currently serves on Navan’s board of directors.
Napean Trading & Investment, based in Singapore, also disclosed its acquisition of roughly 5.8 million shares with a transaction value of $100.3 million in a separate SEC filing last week.
The news comes as Navan faces a number of investor investigations concerning its initial public offering (IPO) disclosures.
In recent weeks, several plaintiff-side law firms have issued press releases saying they are investigating potential federal securities law violations. Pennsylvania-based firm Edelson Lechtzin LLP issued a release stating that it was looking into the violations “resulting from allegations of providing potentially misleading business information to the investing public.” Robbins Geller Rudman & Dowd LLP, a San Diego-based firm, issued a similar release on February 13.
Navan declined to comment on the investigations.
Navan filed its IPO on October 30, 2025, selling nearly 37 million shares at $25 per share. The law firms’ investigations allege that on December 15, in its first quarterly earnings report since the IPO, Navan revealed a GAAP operating loss of $79 million, up from $19 million in the same quarter the previous year. GAAP operating margin was also 41%, compared to 13% the year prior. In that same earnings report, Navan announced the departure of its CFO Amy Butte, effective January 9, 2026.
Following that news, Navan’s stock price fell approximately 12% to close at $12.90 per share on December 16, 2025, and as of publication is trading at $10.03.
The Law Offices of Howard G. Smith, another Pennsylvania-based firm, explicitly outlined alleged federal law violations.
“The Law Offices of Howard G. Smith believes that, in the Prospectus to the Company’s IPO, the Company misled investors regarding its financial condition. More specifically, the Law Offices of Howard G. Smith believes that the Company misled investors by knowing, but failing to inform investors, that the Company would miss guidance,” a statement on the firm’s website reads.
Each law firm encouraged those with information to assist the investigation and Navan investors who suffered a loss to reach out.
Post-IPO noise is not uncommon. After going public in September 2025 and releasing Q3 financial results, payments app Klarna faced similar investigations into profitability declines, “potential securities claims” and potentially “misleading statements” made by senior executives.
Travel companies that have gone public, including Sonder, Airbnb and Vacasa, have also faced investigations from plaintiff-side law firms.
Last week, Navan confirmed that Aurélien Nolf, VP and head of financial planning and analysis and investor relations at Lyft, will take over as CFO, effective March 2.
Anne Giviskos, SVP of strategic finance and chief accounting officer for Navan, was named interim CFO following Butte’s departure.
