The rumours were not true.
VG247 reached out to THQ's Australian branch — presumably the only one awake at the time — who outright denied the speculation.
"THQ has not cancelled its 2014 line-up, and has not made any decisions regarding the planned MMO," the publisher said, clarifying that the only market it's reduced its output in is the "kids' boxed game sector" following the poor performance of uDraw.
The publisher continued: "Our slate for calendar 2012 and beyond is focused on high-quality core games and continues to build our digital platform and business. We are excited for our pipeline of original and high-quality content along with our relationships with some of the best talent in the industry."
Fantastic news. Now we can all get back to looking forward to Saints Row 4.