Management do not (or at least, should not be) manage(ing) the...

Management do not (or at least, should not be) manage(ing) the share price. They should be managing the company. In theory, at least, the share price should follow the fortunes of the company; it is a lagging indicator, not a leading one, and I do not think it is entirely reasonable to say that management is to blame if the options don't get "over the line".

Furthermore, if management were to follow the path of managing strictly on the basis of improving the share price, I would be bailing at the earliest opportunity: it'd be a clear sign that they're going for short term gains at the expense of the long term. Think Enron, WorldCom, One.Tel, and similar.

Note: I am specifically not saying that these are analogous to Peak's current situation. To the best of my knowledge, Peak's accounting and management are clean. I am simply saying that these are examples of what can happen if the management of a given company tries to maintain or increase the share price rather than actually managing the company properly.

By all means lambast management if you don't think they're doing a good job. But the share price, in and of itself (especially in the lead up to the expiry date for options) is not a direct indicator of that, and should not be taken as such.