Updating to VirtualBox 4.0.8, no longer working Error Code: VBOX_E_IPRT_ERROR (0x80BB0005)

[darkened_sol]

After updating to VirtualBox 4.0.8, I am unable to run my virtual machine. The error code given is 'VBOX_E_IPRT_ERROR (0x80BB0005)'. After this, I uninstalled, rebooted and reverted back to the previous version. Running the VM again, I still get the same error. The next thing I tried is deleting the entry from the list in the VM Manager and creating a new Virtual Machine using the .vdi file as the hard disk, located in the directory: ~/Library/VirtualBox/HardDisks/Ubuntu1.vdi. I get the same error message described previously.

Any help would be appreciated.