Lee, the world No.7, has been suspended by the World Professional Billiards and Snooker Association (WPBSA) pending the results of a new investigation.
The suspension came the day after Lee lost a Premier League tie 4-2 to John Higgins last week, and only a week after Lee had been told that he would not face criminal charges over match-fixing allegations dating back to 2010.
Matchroom Sport said in a statement: "The evening was to feature two matches . . . but due to the recent suspension of Stephen Lee by the WPBSA, his match against Mark Allen will not now take place.
"With just one match to be played – Neil Robertson v Stuart Bingham – it was felt that this did not represent sufficient value for money for the people of Penzance as well as the viewers watching on Sky Sports at home. This match will now be rescheduled for the Guildford Spectrum on Thursday, October 25."
Lee's group matches have been declared void, making Group B a four-player group.