As a result, Tenet's stock value plunged by 70 percent last year.
"For Tenet, this deal with SEIU is about trying to repair its image with shareholders and inspire investor confidence," said CNA's Idelson. "But, if anything, it will probably generate more investor insecurity because of all the legal problems it is creating."
Idelson was referring to the lawsuit CNA filed last week against SEIU and Tenet with the National Labor Relations Board, demanding an open election at seven of the 40 Tenet hospitals covered by the deal, including one in Los Alamitos.
"This deal is patently illegal, and we believe it will ultimately be overturned," Idelson said. "Tenet should not be handpicking who represents the registered nurses and other employees in its hospitals. The registered nurses and other hospital workers have no voice in this process, and that's the exact-opposite goal of the labor movement."