That and likely they continued to operate as if they were the industry leader, which they haven't been in a long while.
I believe that is probably true as well. 8>)
Also don’t discount the effect of military contracts for the M4 which carried the company for many years. Companies can get very lazy feeding off of government and then the contract disappears and you have to find a new daddy. Count Douglas Aircraft, The Grumman Company and Litton in that group. The former two were absorbed by others, but the corporate indolence ran rampant.