Ordinarily, on hearing news like this, I jokingly post something to the effect that H.P. Lovecraft’s stories are actually true. (And I still sort of did do that in the title of this post. I couldn’t pass it up.)
However, in this instance, there’s also a somewhat more serious side to it. This article by Brian Switek at Wired does a good job describing how the story has been over-hyped by the mainstream press.