Updated February 27, 2019: A few days ago, a report by TrueAchievements said that Overkill's The Walking Dead had been cancelled on consoles. However, console publisher 505 Games said that it had only been delayed. It seems that 505 Games was confused because Skybound Entertainment just announced that it has cancelled Overkill's The Walking Dead due to it not meeting company standards.
Overkill's The Walking Dead has had a rough time as of late. The title has been in development for three years, and it finally launched to horrible reviews in November 2018 on PC. Gamers and critics alike were disappointed with the gameplay as well as the story. The fact that Starbreeze Studios was the subject of various odd business transactions and investigations didn't help matters. A few months ago, the Swedish Economic Crime Authority raided several locations, including Starbreeze Headquarters, in a case involving insider trading. Some executives resigned as a result of this a few days before the raid, too.
Today, Starbreeze said that it was delaying Overkill's The Walking Dead indefinitely on consoles. The statement simply said, "Starbreeze is currently evaluating and reviewing the performance of the game Overkill's The Walking Dead on consoles. Starbreeze has decided to postpone the release date from its original February 2019 date, further information regarding the future release will be announced at a later date."
No other explanation was given. It's unclear if the "performance" refers to sales on PC and preorders on consoles, or how the game runs on Xbox One and PlayStation 4. Either ways, given the recent legal issues and reviews of the game, it doesn't bode well for the project. Let's hope that it isn't downright cancelled down the line.
If you bought Overkill's The Walking Dead on Xbox One, make sure that you're issued a refund because it's not available for preorder on the Xbox Store anymore. If you did the same at a retailer like Amazon or GameStop, be sure to request a refund for the console version because the future of the project seems to be up in the air.