Piranha Bytes veterans Jennifer Pankratz and Bjorn Pankratz have left the Embracer-owned Risen developer to establish Pithead Studio.The news comes after a report from CD-Action indicated that Piranha Bytes has been shut down by Embracer. Those rumblings haven't been confirmed by the studio or its parent company, but come months after Piranha Bytes admitted to being in a "difficult situation."In January, the German studio indicated it was in trouble with Embracer looking to cut jobs, torch projects, and divest assets in a bid to reduce debt after an era of free-wheeling mergers and acquisitions.At the time, it was reported the studio was in danger of being shuttered, but despite acknowledging the situation Piranha Bytes also seemed defiant. "There are a lot of news [stories] about us circulating right now and this is our answer: Don't write us off yet," it wrote on X.Game Developer has reached out to Embracer for more information, but it's evident that key talent has departed Piranha Bytes.Between them, both Jennifer and Bjorn Pankratz spent almost four decades at the Gothic and Elex developer, with the former joining in 2008 and the latter in 199…