While going through Clearwire's S-1, I came across a rather innocuous looking paragraph, which should make investors think twice (particularly considering a paragraph very similar to this one part of a Nortel filing a few years ago). Make of this what you will:

"In connection with their audits for the years ended December 31, 2004 and 2005, our independent public accountants have identified a material weakness in our internal control. A material weakness is a significant deficiency that, by itself or in combination with other control deficiencies, results in more than a remote likelihood that a material misstatement in our annual or interim financial statements will not be prevented or detected. This issue relates to a lack of sufficient review of nonroutine and complex transactions. Our independent public accountants have also identified other significant deficiencies in our internal control. If we do not address and remediate our material weakness and other significant deficiencies, the reliability of our periodic reports on Form 10-Q and annual report on Form 10-K may be compromised."