Nothing is without risk. Management surely has considered raising prices. But, given the multitude of problems which the company has faced over the last years, it is likely that they did not think it was worth the risk. The responsibility for these actions lies squarely with management and if they implement a price increase and it does not go as expected, they will get the blame.
This proxy fight and our outside initiative to increase prices gives management a unique opportunity. They can implement the plan and avoid direct responsibility if it does not go as anticipated, while being able to take most of the credit if things go well. This is one major benefit of the proxy contest for management.