"It was going to stay and we just were officially told it's finally not coming back," Shields, who played movie exec Wendy Healy, told E! "I think a lot of people were really sad, but I think we hung on a really long time. It was three great years that we've been working on it."
NBC has not officially announced the show's cancellation, but a source confirmed Shields' version of the story.
Lipstick's fate has been hanging in the balance since last fall, when the female-driven NBC drama was first rumored to be getting the ax alongside My Own Worst Enemy. Days later, series stars shot down the rumor, and in January, NBC Universal president Angela Bromstad reassured fans again, suggesting that Lipstick might last.
After so much uncertainty, the series' cancellation may still have come as a surprise to its stars.
"It literally just happened," Shields said. "We're all kind of reeling and trying to figure out what our next move is."
Are you sad to see Lipstick go?