Daily Journal Won’t File 10-K On Time, Share Price Jumps

Charlie Munger’s Daily Journal will have to restate its earnings for the quarter ending June 30, 2014 after its auditor BDO USA decided that Daily Journal needed to establish a reserve for an ‘uncertain tax position’ related to the acquisition of New Dawn Technologies Inc, according to the company’s SEC filing. Daily Journal also wrote that it wouldn’t be able to file its 10-K form because it’s still working out the size of the reserve, but instead of getting punished its stock price jumped almost 20%. Daily Journal to setup reserve against potential tax liabilities “Although [Daily Journal] believes that…