UPDATE: Appears that it's true.

Financial trouble for the Haze developer, it seems, as rumors abound of Free Radical studios shutting its doors for good. GamesIndustry.biz is reporting that most of the staff and executives have left the company, while the rest found the doors locked upon arrival and signs indicating their final meetings would take place at a nearby hotel.

They are also reporting that, on top of the obvious cancellation of their current known project, Timesplitters 4, several other undisclosed games were also canned as a result. Apparently they were working on Lucasart's Battlefront III, but have shipped it on to the PSP Battlefront creator for completion. This is sad news for the industry – Free Radical developer one of the most imaginative and wonderful first-person-shooters of last generation with the Timesplitters series, but their legacy will likely be the disappointment of Haze and the problems surrounding its release. 

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