[sajagi]

It all depends on what kind of company are you in, what kind of people are your superiors, etc. How much politics and backstage dealing is involved?

In an ideal situation I would say call be honest and tell the stakeholders your view.

On the other hand, from my corporate experience, it's not always the best course of action. See - as lwj1001 already said - some companies play sort of meta-game, where certain things are known but never said out loud. If you are in a position to change the environment - great! (But this is not likely the best opportunity to do so). Otherwise... I would still say your opinion to those who need to be informed, or even better - write them an email. The reason is - you might have to cover your ass in the near future. The worst that can happen is that everyone assume everyone know yet there is someone who doesn't.