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The inquiry was disclosed before the markets opened.
The S.E.C.'s inquiry was disclosed in a prospectus for a $3.7 billion bond offering planned by Illinois for February.
They tumbled a further $1.68, to 89 cents, on heavy trading yesterday after the internal inquiry was disclosed.
Mr. Hoak, 57, replaces Kevin T. Hunsaker, who was ousted after his involvement in a boardroom spying inquiry was disclosed last month.
The S.E.C. inquiry was disclosed in a prospectus Pinnacle filed to enable it to sell bonds as needed to finance acquisitions.
The inquiry was disclosed on Wednesday by Dow Jones News Service, which reported that the problems at the company were said to involve the ways that its revenue was booked.
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That is one of the issues the S.E.C., whose inquiries were disclosed Monday by the company, is expected to address.
Unions and MPs have called for a public inquiry after it was disclosed that a database of 3,000 names had been used to vet workers in the construction sector for more than 15 years.
When the inquiry by the Office of Special Counsel was disclosed several weeks ago, Ms. Paulose issued a brief statement to reporters.
A defiant David Cameron stood by his beleaguered culture secretary, Jeremy Hunt on Thursday evening, insisting that he had handled News Corporation's bid for BSkyB fairly despite a day of gruelling evidence at the Leveson inquiry in which it was disclosed that Hunt repeatedly contacted James Murdoch about the bid.
Before the existence of the e-mail was disclosed at the inquiry, testimony on Thursday focused for several hours on the cozy relationship that developed — while Mr. Hunt had the BSkyB bid under review — between one of his closest political aides, Adam Smith, and the principal lobbyist for Mr. Murdoch's News Corporation in Europe, Frédéric Michel.
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