Nintendo support told him that this code results when you try to load a game from an external hard drive that isn't powered. Nintendo has warned that only hard drives plugged into the wall or into two USB ports with a Y cable will be supported, and now we see the problem.
The short-term solution is simpler than getting a new hard drive or cable, though. Just go into your system settings and transfer the game's data to your system when playing. "This process takes approximately 2 minutes to complete," Matt tells us. It's another annoying user experience hiccup – why not just tell users "hey, go plug in your hard drive?" – but at least it's easily dealt with.