There was a lot of behind-the-scenes plastic politics involving Lightning Discs. Depending on who you talked to, Lightning did not support PDGA tournaments or Innova prevented them from sponsoring tournaments by not sponsoring events that Lightning also sponsored. It all went back to the fact that Lightning fought the Innova patent on golf discs in court and did not have to pay the licensing fee to Innova that all the other manufacturers did. So there was a lot of bad blood between those companies. The PDGA was under Innova's thumb even worse then than they are now, so they sided with Innova and even turned down Lightning as a sponsor for the World Championships one year.
At some point, Lightning decided that they sold enough discs to casual players and 150 class discs in Japan that they could turn their back on the organized disc golf scene. They dropped off the map so far as the PDGA world goes, but they still make discs. There is no need to spend $40,000 on new molds for high-speed drivers that the players they target can't throw anyway. So they pump out the old discs, and it must be working because from what I can tell they are still in business.