Hi, if you reformatted the hard drive AND physically reinstalled the Drive, then the obvious conclusion must be it's faulty.
http://www.misco.co.uk/applications/...ELAID=84127425
The only other diagnostic you could possibly carry out is installing it in another system to see if it works.
A Firmware update may solve the problem, but they are risky. You need to know what you're doing and of course there has to be an update available.