Some of the usual sources for magazine leaks are reporting that this week's Famitsu lists Irem's Bumpy Trot 2 as being cancelled.
Bumpy Trot 2 is the PlayStation 3 sequel to a highly regarded PlayStation 2 action RPG that was given international release as Steambot Chronicles. The sequel started development as a PlayStation 2 title, but its platform was switched to PlayStation 3 back in 2007. Following a showing at that year's Tokyo Game Show (here are some impressions I put on IGN), we've heard hardly a peep about the game.
A cancelation for Bumpy Trot 2 would presumably be bad news for Irem, which already cancelled Disaster Report 4 following the March 11 earthquake. With those two gone, all they have left is this.
I'll confirm or debunk once I get a look at the magazine a bit later.