Moved to Technical Support!
Please register your software by copying your serial into your profile.
ucp.php?i=169There have been reports from nearly all major sound software companies (Ableton, Native Instruments, Steinberg,...) that there are huge issues with OS X Lion.
If you have entered your serial in your profile you can download the latest version (1.6.0) and try with that one.
Cheers,
Steve