What advice do you want?
Do you want to know if anyone did anything wrong? Do you want to know if there is someone to sue?
How did the school come into possession of the journal? Did they find it on the person of the alleged thief?
First, it would help to know what state you are in as state laws do vary.
Second, the police have a right to question people. If the police intend to use any of her statements against her, then Miranda rules might apply, but that would be something her attorney could address if she is ever charged with any crime.
The school is not likely under any legal responsibility to advise parents of such journal entries being discovered. Depending on the circumstances, there could be some very good reasons NOT to let you know.
Third, if the journal articulates your daughter's involvement in criminal activity (unlawful sexual activity and/or drug use, etc.) then you should consider obtaining an attorney for her.
Have you considered reigning her in, yet? In many instances, a prosecutor might opt not to pursue a criminal matter if they believe the parents are taken affirmative and aggressive steps to address the child's issues - in this case, perhaps freedom to engage in sex and drug activity. Address these issues at home, and she might be able to avoid prosecution.
Personally, I would be mortified to find out my child was engaged in drug and/or sex activity ... prosecution and school penalties would be the LEAST of his problems!!
- Carl