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GoMechanic co-founder admits to financial misreporting, company to lay off 70% of employees

  • GoMechanic co-founder admits to financial misreporting.
  • Due diligence revealed fictitious garages, selective payments to certain garage units, and inflated revenue and user metrics.
  • Company is backed by Sequoia Capital and Tiger Global.
  • 70% of employees will be laid off.
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