A vulnerability has been reported in Adobe Flash Player versions 9.0.124.0 and older, which is the current version available for download now. Adobe has not yet released a patch nor an official advisory. Stay tuned for further developments. Thanks to Steven and Adrien for letting us know

Update1: Symantec has observed that this issue is being actively exploited in the wild and have elevated their ThreatCon.

Update2: A SecurityFocus article is now live here.

Final update:

Updated: May 28 2008 07:53PM - "...Further research indicates that this vulnerability is the same issue described in BID 28695** (Adobe Flash Player Multimedia File Remote Buffer Overflow Vulnerability), so this BID is being retired

Cheers,
Adrien de Beaupré
Bell Canada, Professional Services