Аннотация:Although clarity holds a privileged place within the field of business/management/corporate communication, adopting a strategic perspective suggests that ambiguity, and even deception, may be appropriate choices, depending on strategic intent. This article builds a framework for analyzing the dark side of strategic communication from both a strategic perspective and a linguistic perspective and then applies it to four business scenarios involving corporate finance; three involve public pronouncements from executives about future stock offerings, while the fourth involves a private statement made by a CEO to an important client and reported to the authors in an interview. The analysis of these scenarios leads the authors to propose that the intentional use of strategic ambiguity occurs along a continuum better represented by multiple shades of gray than a single hue of black.