Is your Verizon or Sprint iPhone 5 displaying the wrong date and time?

We are receiving reports from Verizon iPhone 5 users that their iPhones are randomly displaying the incorrect date and time causing iMessage to fail, and even worse, alarms not going off in time to wake up for work. There is a thread in theApple Support Community with many users, including a few Sprint users, reporting the same issue.

Woke up yesterday and was very confused because my phone thought it was 8/26/12 and 30 minutes later than the actual time. I reset network settings and it self resolved...until this morning. I woke up and looked at my phone and had a melt down because my alarm never went off. I hurriedly got ready and looked at the microwave as I ran out, and it was 30 minutes earlier than my iPhone said.

The temporary fix seems to disable automatic date and time by going to Settings > General > Date & Time > Set Automatically > OFF.