If you have cPanel with your server, you might get the following error.
tailwatchd failed @ Tue Jan 1 00:00:00 2011. A restart was attempted automagically
Service Check Method: [check command] tailwatchd is not running
However, you do not need to worry on it as it might be cPanel services stopped or restarted.
To understand in detail, you may execute the command as below from your Shell.
tail -f /usr/local/cpanel/logs/tailwatchd_log
To fix it, you may try to execute the command as below.
Then restart the cPanel services.
service cpanel restart
If the issue still not fix, may update cPanel,