Pny Flash Drive Problems
Came to ask a similar question, and saw OP's post. I believe I have the same drive - PNY 128GB USB 3.0 (my model is P-FD128TBOP-GE). Works fine in USB 2.0 ports. Doesn't work in USB 3.0 ports.
Same behavior across two PCs (running Win 7 and 8.1) and on my MBPr in OS X. Other USB3 drives work fine. So doesn't look like a USB3 driver issue. Red LED flashes and then goes out in USB2 ports, and drive is recognized by OS and shows up in file manager/finder. The LED stays solid in USB3 ports.
Pny Flash Drive Problems Mac
Maintaining updated PNY USB Flash Drive software prevents crashes and maximizes hardware and system performance. Using outdated or corrupt PNY USB Flash Drive drivers can cause system errors, crashes, and cause your computer or hardware to fail. Furthermore, installing the wrong PNY drivers can make these problems even worse.
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Edit: have also tried different formats for drive - no joy in EX-FAT, FAT, or NTFS.