Goldman Sachs Sees $115 Brent Oil, Faces $920M Navan IPO Lawsuit
Goldman Sachs dropped its call for Indonesian monetary easing and added rate-hike forecasts for India and the Philippines after revising Brent crude to average $115 in April, warning of a more than one percentage point inflation rise in Thailand and the Philippines. The bank also faces a class-action lawsuit over its $920 million Navan IPO underwriting, accused of omitting a 39% spike in sales and marketing expenses that sent shares down 63% and earned Goldman $36.7 million in fees.
1. Asia Rate Outlook Revision
Goldman Sachs signaled a sharper policy turn across Asia by dropping its call for monetary easing in Indonesia and adding rate-hike forecasts for India and the Philippines after the US-Israeli war on Iran drove energy prices higher. The bank forecasts Brent crude to average $105 in March and $115 in April, warning that elevated fuel costs could boost inflation by more than one percentage point in Thailand and the Philippines and 0.6 point regionwide.
2. Navan IPO Class Action Lawsuit
Goldman is facing a securities class action as lead underwriter of Navan’s $920 million IPO, accused of omitting a 39% surge in sales and marketing expenses from its offering documents. Plaintiffs point to a 63% decline in the share price from $25 to $9.20 and note Goldman’s $36.7 million in underwriting fees as evidence of inadequate due diligence.