I posted this same answer to a similar question about FaderPort 8... it's a weird answer but if you are stuck it's something to try: I had that same issue with my FaderPort 8 on the old firmware when it arrived last month, and also two years ago when I plugged in my Studio 192 Mobile with old firmware... in BOTH instances i was using the cheap supplied USB cable from PreSonus. The way I got the 192 to be recognized and connect was using a $40 digital USB cable, the ones that people say are snake oil. In almost 2 years my 192 has NEVER failed to spin right up now on this cable, and it's just on USB 2.0, not even 3.0 which isn't even necessary. Soooo, the FaderPort 8 shows up last month, and guess what... I could get it to connect in Windows 10, but it would hang when trying to actuallyt run it, and it wouldn't show up in UC. Frustrating. So I unplugged the digital cable from the 192 and tried that on the FaderPort 8, and I think you can guess what happened: FaderPort showed right up in UC, and the firmware update went off without a hitch. I now own 3 of these cables, one for the 192, one for FaderPort 8 and one for my M-Audio CODE61 (black) controller. Google how many people struggle with the CODE series keyboards... locking up, needing rebooting. I had the 49 then sold it for the 61, and neither keyboard has locked up, not ONCE, using the digital cables. I know... this is a weird answer, but the $120 I spent on three lousy USB cables has turned my home studio experience into a joy, at least hardware wise. Those cables don't do anything for consumer peripherals, but for a clean path for a ton of data in music production, they work. Funny thing is, the $40 version is the lower end! They make digital USB cables that cost about $80 and $120! The $40 one is perfecto for a digital music studio.
Nothing to lose, Amazon return policy is awesome.