A couple of years back, Korean developer Eyasoft had to close the company for restructuring, leading to a global shutdown of its games, including Luna Plus.
With Eyasoft now revived and concentrating on just development, not publishing, Luna Plus is the first game to get a revival as well. The new Korean publisher is reported to be PangGame, a little-known publisher with only 1 baseball MMO now.
Luna Plus, or Luna Online, is 1 of the selected online games which I enjoyed tremendously these years, with its amazing class system, cutesy graphics, skill animations and tons of side features. I would not say the game is too late for a revival in the west, but time will tell.
By the way, there is absolutely no news about the supposed sequel revealed back in 2011, Luna Story: ELs.