Totally not true. Google is phazing out the whole
PR (Page Rank) as can be seen by it's removal from the Google Toolbar and the webmasters area of their site. It has no effects on your
SERP (Search Engine Results Page) or how much traffic you get from Google.
What's even more interesting is the reason why Google is phazing out the whole PR. While Larry Page developed it and who the system is named after he or Google don't own the patent or copyright to the system. It's owned by the University where he studied and developed the system which is Stanford University. Google have the exclusive rights to the system but these exclusive rights will end soon and everyone will be able to use the PR system. That's why Google is phazing it out and creating their own better system so they'll still be on top and superior when their licence runs out.
On October 14, 2009, Google employee
Susan Moskwa confirmed that the company had removed PageRank from its Webmaster Tools section. Her post said in part, "We’ve been telling people for a long time that they shouldn’t focus on PageRank so much; many site owners seem to think it's the most important metric for them to track, which is simply not true."