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I think they supposedly did. Some couldn't be lowered due to the angle of the ship. Some went out nearly empty (or only partially full). I believe panic and confusion was a bigger problem than the actual number of life boats.
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I saw a documentary about this. What happened was that the "powers that be" (I think it was the captain, but I'm not sure) didn't think that people wanted to stare at a bunch of lifeboats for their trip. So they made do with only half of what they needed. Even with what they did have, lots of lifeboats had unfilled seats. There was room for a lot more people
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