Does the board have to be truthful?

I am sitting in a meeting, and my board is not being truthful. One owner brought up that they are having trouble with the sale of their home because the lenders have discovered that the community is underinsured. The board stated that they were not aware that the community did not have sufficient coverage. I recall this exact conversation last year after the special assessment. The insurance broker and the property manager warned the board about choosing the cheapest option. But they wanted to take the money and use it for landscaping. Yes, they spent $1.5 million on landscaping. My question is, does an HOA board have to be truthful?