Homeowners cannot sue the management company. The owners can sue the association for the actions of the management company, but the contract is between the association and the management company, so the owners have no standing to sue directly. You can only sue the board members individually if they engage in fraud or self-dealing, otherwise you can only sue the association.
You don't mention if you are a HOA or a COA (condo association). These two associations are governed by different laws and different procedures for bringing a legal action.
This communication is not intended to create an attorney/client relationship. It is always recommended you consult an attorney in person to discuss your case.