Two former Treyach artists have listed Ultimate Spider-Man 2 in a list of games they’ve worked on.
Andrew Swihart, a 3D environment artist, worked on the game as a motion graphic artist. While Johnny P. van Zelm worked on it as an effects artist. He also lists the game as one of many other games he’s worked on. Zelm also worked on the original.
When contacted for comment by Joystiq, Activion’s PR company told them that they “were not aware of an Ultimate Spider-Man sequel in development.”