Too much or too little water could be a problem. According to wave-rave.com, you should not let your wave petunias dry out completely between waterings or get so dry they begin to wilt. Small containers may need more than one watering a day during the hottest summer months.
Wave petunias require regular supplementation with a standard fertilizer such as Miracle Grow, according to the Wave website. Better yet, try mixing slow-release fertilizer in with the soil when replanting.
Petunias require full sun, so if your wave petunia is looking the worse for wear, lack of sunlight could be a problem. Try moving plants in pots to a sunnier location.
It could be that your wave petunias are the victim of a bug infestation. Check the leaves carefully for signs of an insect invasion, then treat with a pesticide specifically designed for flowers, if necessary.