Defending champions Wasps were denied a losing bonus point in the Heineken Cup after Aurelien Rougerie scored a last-minute try for Clermont Auvergne, who won the clash 37-27.
After trailing by 20-10 at half-time, Wasps staged an impressive comeback and tries for Tim Payne and James Haskell - the flanker's second of the game - put Ian McGeechan's side 24-23 ahead after 50 minutes.
However, Clermont fly-half Brock James was immaculate in his kicking, and his four second-half penalties put his side well in control.
Danny Cipriani held his nerve to kick a long penalty and put Wasps back into contention for a bonus point just two minutes later, and when Tom Voyce kicked for the corner with one minute left to play, Wasps supporters may have dared to think an historic win was within reach.
However the line-out was not cleanly taken, and although Wasps kept possession and the ball in hand, they were forced back into their own half.
When the ball rolled out of the back of a ruck, Clermont pounced and spun the ball wide for their captain Rougerie to go over in the corner and snatch a five-point win for his team.
Two penalties from James to one from Cipriani saw the hosts lead 6-3 after 13 minutes and they extended their advantage through Julien 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 Argentina hooker Mario 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.
However, 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.
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.