The Galaxy Nexus, Nexus 4, and Nexus 5 are all effected by this new exploit that causes those phones to reboot, crash the messaging app, or even disable a network connection.
The bug is coming from Class 0 SMS messages that are not regularly stored on a handset.
A developer has already taken to the Play Store to release a fix. Class0Firewall is a free app that prevents the Class 0 SMS messages from sending your handset into a tailspin. Google has told PCWorld that they are looking into the issue; however, we have no timetable on when to expect a patch.