Simple the bug need to fix earliest as possible, mostly in next build. QA manager will inform the higher management regarding the issue and also inform the client and make sure that bug get fixed in next build.
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Ganesh pretty much hits on the right idea, I think. I will add, though, that one of the things that the QA Manager might be communicating to management is why the bug wasn't discovered during normal testing. It could be an odd circumstance that the customer is in, it could be an unlikely scenario, or, hopefully not, but it could be it was just overlooked.