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The developer of Kid Icarus: Uprising, Project Sora have sadly been disbanded.
Official site of the developer shows that the company was closed as of June 30th and the website will be closed at the end of July.
Project Sora is a subsidary of Sakurai, who are popular for other games such as Super Smash Bros on both Wii and 3DS. It was started by Nintendo president Satoru Iwata and former HAL Laboratory employee Masahiru Sakurai. Nintendo owned a 72% stake in the company and was formed in 2009 after the successful launch of Super Smash Bros for the Nintendo Wii console.
This explains why there was no sequel being worked on for Kid Icarus: Uprising. I’ve never played the game but I’ve heard from a lot of sources on the Internet that it was a well-designed, enjoyable game to play.
I wish the people in the company luck and hope they find something else to work on.