On MAC computers the U3 Launchpad will not function and the device acts as a regular USB Flash Drive.
To resolve the problem:
Plug the disgo into a computer where the U3 Launchpad is compatible*
Click on the U3 icon to initiate the Launchpad;
Click on Disable Security;
Enter the password and click Ok;
Plug the disgo into MAC OSX computer and you will be able to access your files.
*The U3 smart drive Launchpad only runs on computers running Windows 2000 Service Pack 4 and later, Windows XP (all editions and service packs), Windows Server 2003 and Windows Vista (with an update).