My friend and I recently got this message while trying to move some files on to his new laptop using a USB 2.0 external hard drive:
Could not find this item. This is no longer located in [some-location]. Verify the item's location and try again.
It turns out that his laptop (a Dell XPS) has USB ports on the back and along the side. The ports on the back of the machine are USB 3.0 and the ports on the USB 2.0.
Our problem was solved by plugging the USB 2.0 drive into the USB 2.0 ports along the side.