::
Since your board did a bad job of running the HOA before, your current board may want to hold a meeting to make that clear to all the members. Keep it transparent and all that.
I also think that suing the previous board would be a complete waste of time. They were definitely horrible at their job but suing would only make things worse for your HOA. Not to mention suing the board, past or present, is like suing the HOA and, by extension, yourself and your fellow homeowners.
I agree with a previous commenter that your best recourse here is to move on. Realistically, you may not be able to undo all the wrongs of your previous board.