Okay, that’s not totally true (but why ruin the chance for a perfectly good ‘it’s dead jim’ gag!) :D
It is still in development, but according to Warcry, it’s no longer under development with P2 Entertainment (aka Perpetual Entertainment). The license and the game’s content has been sold on to, if other rumours are to be believed, ex-City of Heroes/Villans Developers, Cryptic Studios.
However, the deal doesn’t include any of the code, so i guess that’s means a pretty huge delay on STO being released. That’s not nessercarily a bad thing though. There where very mixed emotions from Star Trek fans about the way the game was developing, so a fresh start is probably what’s needed. Plus, if Cryptic are the new developers, it’s certainly in good hands.