Project Sora is no more
Project Sora, headed by the creator of Super Smash Bros. Masahiro Sakurai, is no more. The last project, um, Project Sora worked on was Kid Icarus: Uprising for the Nintendo 3DS.
Namco Bandai was brought in to help develop the next Super Smash Bros. game for the Wii U and 3DS, but with Project Sora closing its doors, we now know why Namco Bandai was brought in. As of this writing, there is no reason why the studio has closed its doors, though the website will stay up until July 31st.