Daily Journal Corp., the downtown L.A. publisher of legal newspapers and websites, on Tuesday said it had again missed its deadline for making a required annual filing with the U.S. Securities and Exchange Commission.
The company, whose chairman is billionaire Charles Munger, said that Ernst & Young had not completed an audit of financial statements for the fiscal year ended Sept. 30. The publisher on Dec. 16 said it missed its first deadline, but expected to file by the end of the year.
Because Daily Journal shares have more than doubled in the past year, the company no longer qualifies as smaller reporting company with up to 90 days to file its year-end report. The company has a tighter 75-day window to meet and its new designation as an “accelerated filer” also required a closer assessment of its internal controls over financial reporting. Ernst & Young has informed the company that it will complete its work “in due course,” the company said in the Tuesday regulatory filing.
Shares on Tuesday closed up $19.85, or 12 percent, to $191.85 on the New York Stock Exchange.