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EA cuts Spielberg game team?

UPDATE: EA confirm the game is still in development, saying "The rumour is incorrect."

Electronic Arts has cut almost the entire team working on the "ultra-real" Spielberg game, codenamed LMNOP.

Sources close to EA have told Videogaming247 that "almost everyone on the team has gone", although the fate of the title itself is still undetermined.

EA recently announced that it would be staging up to 600 job cuts in an effort to cut costs following a poor Q2 performance.

UPDATE: EA contacted Kotaku to inform them that the game is "still in development at EALA under the creative leadership of Doug Church and Lou Castle," saying: "The rumour is incorrect."