How long can you stay in US if L1 based employment ends in the sponsoring company?

[MikeW]

My current employer has sponsored L1 visa application and assume L1 Visa becomes revoked if employment in this company ends / you would be laid off (?).
I have heard in such case you would need to leave US within 3 months after the end of employment - are you able to confirm this?
As such, my current L1 Visa and I-94 admission is valid until 2017.
Thank you for the answers