Big Download via a reliable source. The studio had a hand in several notable titles, including Call of Duty 2, Call of Duty: World at War, Wolfenstein and the PS2 and Wii versions of several Rock Band games. Most recently, the studio was working on Bonk: Brink of Extinction, the 3DS version of which was reportedly canceled earlier this month. Assuming the report of the studio's closure is accurate, the XBLA, WiiWare, and PSN versions are presumably canceled as well.
Prior to today's report, several former members of Pi Studios recently formed Category 6 Studios, led by Kenn Hoekstra. The new company today announced its first title, Blackout, an Unreal Engine-powered survival horror game in development for Xbox 360, PS3 and PC.
Update: Additional investigation by Big Download and Joystiq has uncovered conflicting reports as to the operational status of the Pi Studios business. Pi Studios may still be operational but the extent of its operations remains unclear. Joystiq has once again reached out to Pi Studios for an official response."