Free Radical, based in Nottingham, England, has shut down. The studio has yet to confirm, but according to sources: the doors are locked, phones aren't being answered, and the staff met at a nearby hotel today for a "final company meeting."
Free Radical's last project was the critical and commercial failure, Haze. TimeSplitters 4 and an unannounced project (believed to be Star Wars: Battlefront III) were currently in development at the studio. We'll update as soon as the studio makes a statement.
Update: Confirmed. [Via videogaming247]