I have version 4.5.11 on windows and a Kobo Clara.
I download the acsm file, import it with no problems. Both my ereader and ADE are authorized with my adobe ID. However, when I drag the files onto my Kobo and disconnect the ereader, I can't access the epubs on my Kobo. An error message says the Kobo was deauthorized. I have contacted both Kobo and Overdrive who couldn't resolve the issue, it's likely a problem with ADE.
I have tried installing V3.0 but can't get it to run on my computer. I've updated ADE, uninstalled, reinstalled, factory reset my kobo and had overdrive issue me new files with updated DRM. So far nothing has worked. Does anyone know what might be the issue?