This error can occur if the USB audio interface is plugged in to the incorrect USB port on the laptop.

Macbook:
Due to internal USB architecture issues on the MacBook, use of Digidesign, M-Audio, or third-party USB audio devices is supported on the front USB port only (the port furthest away from the screen).
Use of such devices on the rear USB port is not advised because it may cause audio interrupts and/or dropped samples.

Macbook Pro:
The 15" MacBook Pro models have 1 USB port on the left side, and one USB port on the right side.
The 17" MacBook Pro models have 2 USB ports on the left side, and one USB port on the right side.
Due to internal USB architecture issues on the MacBook Pro, use of Digidesign, M-Audio, or third-party USB audio devices is supported on the left-hand USB ports only (the port or ports next to the power adapter cable).
*Use of such devices on the right-hand USB port is not advised because it may cause audio interrupts and/or dropped samples.
However, the use of an iLok on the right-hand port has been qualified and is fully supported.