My Book Essential 3tb won't read

I just purchased this product, plugged it in and it says “usb device not recognized”. I downloaded and installed the latest drivers and still I receive the same message. When I go into the ‘unkown device’ the status says 'windows has stopped this device because it has reported problems. (code 43)

Is there anything I can do to get the hard drive to work, or is the device itself faulty ? 

What OS are you using? Is everything up to date in your OS?