Electronic Arts is closing BioWare, including the Edmonton office, and has cancelled the next Mass Effect game. Bloomberg and Variety report that the studio shutdown is part of about 400 job cuts across EA.
What the reports attribute
The closure and the Mass Effect cancellation are attributed to Bloomberg and Variety, not to a long EA product post in the roundups.
About 400 cuts is the company-wide figure those reports attach to the move. It is not a claim that every BioWare employee is in that 400, and it is not a release date for some other Mass Effect.
A player waiting on the next Mass Effect, who should treat the project as cancelled unless EA says otherwise.