No.
A high tier, single shot, new idea of a weapon not tested with the players that was still in development with a similar name.
Also note that it was data mined a long time ago in said development phase.
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So after the big HoW update we got, the 4-6GB one, it was mined again, now containing a "II" in the top right and the perks were changed; just as the other 3 exotics were, as well as the PoE gear.
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^what Timmie said. If it really was a placeholder then why did it get a change of weapon display pic and a Tier 2 symbol on the top right(according to the database)? It didn't have any of those before HOW dropped.