No that isn't true. They have a new series going called Code Geass:Lelouch of The rebellion R2
I have been watching it. C.C. is in it and you see him as Zero. It is really good. it is a continuation of the old episodes.
EDIT: If you want a short description on the new series, go here:
Code Geass - Hangyaku no Lelouch R2 - MyAnimeList.net