Tomonobu Itagaki has said that the fans don't have to be worried because the game is still on track for release next year.
Gematsu published the text translation from Facebook. Here is the announcement:
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Devil’s Third is a strong fusion between action games and shooters.
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Devil’s Third development is going smoothly. In other words, we finished editing the closing movie the other day.
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Devil’s Third will be released next year. Nintendo has already announced this in their press release.
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The scale of Devil’s Third‘s story mode is greater than that of Ninja Gaiden.
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Devil’s Third demolishes the standard of past console games in online multiplayer.
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Almost all specifications I wanted to do were implemented. I got an up-close look at the great forerunners Call of Duty, Battlefield, Gears of War, and my beloved Halo. On that basis, we added completely new level of playability that only we can create.
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Anyone can enjoy this game; from casual gamers to hard-core gamers. Let me put it this way. You guys can throw a fun party, or can kill each other in realistic war. You can play your heart out.
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This is all I can disclose to you today. I can’t tell you when the war will begin. It’s the way the world goes. I really want to tell you more, my fans waiting with crushing frustration.