According to Kotaku sources, the SOCOM creators will be shut down by Sony. There have been chatter for several days and will result in layoffs and a project cancellation.
Sony has refused to comment on the matter. Zipper Interactive is most well known for the creation of the SOCOM series, they also created MAG for the PS3 and the more recent Unit 13 for the PS Vita.
The company have been operating for almost 16 years now and started off developing games for Windows in 1996. They found success developing the SOCOM series for the PS2 but struggled to reach the same heights in the PS3 era.