Clermont (20) 37
James Haskell produced a storming performance for Wasps
Tries: Malzieu, Ledesma, Rougerie
Cons: James 2
Pens: James 6
Wasps (10) 27
Tries: Haskell 2, Payne
Cons: Cipriani 3
Pens: Cipriani 2
Aurelien Rougerie scored a last-minute try for Clermont Auvergne to deny defending champions Wasps a losing bonus point in the Heineken Cup.
Tries from Julien Malzieu and a controversial one from Mario Ledesma saw the hosts lead 20-10 at the break, with James Haskell replying for Wasps.
The visitors took the lead through Tim Payne and Haskell before Brock James kicked Clermont eight points clear.
Daniel Cipriani cut the gap to five before Rougerie's crucial intervention.
Two penalties from James to one from Cipriani saw the hosts lead 6-3 after 13 minutes and they extended their advantage through Malzieu's converted try.
Wasps cut the gap when Haskell went over for a converted try just after the half-hour mark but on the stroke of half-time came an important moment.
Argentina hooker Ledesma looked as though he had not managed to get the ball down under pressure from Mark van Gisbergen as he burrowed over in the corner with four tacklers surrounding him.
But the decision went to the Television Match Official and he decided the score was good.
Australian fly-half James converted from the touchline to restore Clermont's 10-point lead at the break, only for Wasps to hit back straight from the restart, with prop Payne ploughing over for a converted try.
James took the lead back out to six points with a penalty but Wasps never know when they are beaten in Europe and they went in front when Haskell drilled his way over for a converted try after Clermont lost control of a line-out.
It looked as though Wasps were going to secure a famous win on French soil but Clermont went back on the attack and James landed three penalties out of three to put the hosts 32-24 clear.
The much-touted Cipriani, who had missed a very kickable chance 10 minutes before, stepped up to cut the gap to five points.
But just when it looked as though Wasps were going to head home with a valuable bonus point they were turned over inside their own 22 and quick hands gave home captain Rougerie the chance to dive over in the corner and send the home fans wild.
Wasps captain Lawrence Dallaglio, whose side host Clermont next weekend:
"We were sloppy in the first half and those tries we conceded were very easy and I'm really disappointed with that.
"All credit to the lads for the way we came back in the second half. It sets up the match next week nicely and it will be a real contest.
"This is a really tough pool and I'm disappointed we've not managed to pick up a bonus point but now we have to do the business at home next week."
Clermont Auvergne: Floch, Rougerie, Joubert, Canale, Malzieu, James, Mignoni, Emmanuelli, Ledesma, Scelzo, Cudmore, Privat, Bonnaire, Broomhall, Vermeulen.
Replacements: Lozupone, Domingo, Samson, Audebert, Senio, King, Baby.
Wasps: Van Gisbergen, Sackey, Waters, Flutey, Voyce, Cipriani, Reddan, Payne, Ibanez, Vickery, Shaw, Skivington, Hart, Haskell, Dallaglio.
Replacements: Webber, Adams, Birkett, Leo, Amor, Lewsey, Rees.
Referee: Alan Lewis (Ireland)