Moving this discussion to the Adobe Digital Editions forum.
Your Kobo will need to be reauthorized after you applied the update. You can either do this within Adobe Digital Editions or possibly on the Kobo itself. Once you have reauthorized the device to the account which was utilized to purchase your eBook you should then regain access to the title.
The status on the ADE says it is expired. Now what?
Are you able to still read the title in Adobe Digital Editions? If so then you may want to try removing the eBook from your device and then re-adding it.
If not then you will want to contact the eBook provider to request that they reset the activation for the title. You will want to then remove the title from ADE and your Kobo. You can then redownload the book to ADE, to activate against the current Adobe ID, and then move the title back to your Kobo.