Quite sad, but entirely unsurprising.
I loved Gothic to death, and 2 is my all-time favorite game, but after having their wrists slit by the publisher with Gothic 3, and everything happening after the release of that, I am not upset it's over.
The quality of ELEX was miserably bad in every way imaginable, and it only got worse with ELEX2. Risen had great potential with the first game, but completely flopped it with the next two.
For a lack of a better expression, they were a one-trick pony, and rode that wave of success into their eventual grave.
I'm not sure how substantiated these claims are, but i've also heard that most of the original team have left years before the shutdown either way, so essentially, what was left of Piranha Byte is just a husk of what used to be