This shouldn't be true. I know for a fact that Aspyr was having a sale on games for the launch of Lion. So it would be safe to assume the game would work.
I went ahead and googled the subject to check (since I have Snow Leopard still) and here is what I found.
Originally Posted by iThinkergoiMac via MacRumors
You won't get the installer to run, though. The installer is PPC. The only reason I've got it in Lion is because I upgraded from SL and it was already installed. If you can extract the necessary files you'll be set, but I don't recall how it was set up.
So if you already have it installed (with the updates) then you should be fine. Otherwise, install the game and updates and then get Lion