Most recent case when big release flopped and guys behind it were apologising that I can remember is X: Rebirth from few weeks ago. Many people asked for refund but nobody got it.
That's not true. I was one of the idiots who bought it on release day but I eventually got a (Steam credit) refund after a lot of back and forth. And there were several other people on the Egosoft forums who got a refund as well.