I'm getting the same message. De-authorized my computer, my Nook (Glowlight), then re-authorized both, and still get the CE_COPY_NOT_ALLOWED. I downgraded to ADE 3.0 as a couple have mentioned to work with older e-readers. Still no dice. De-authorized Nook, then tried to copy again - still doesn't work.
The library sure does make it hard to check out e-books!
Never mind - figured it out. I deleted Adobe Digital Editions 4 (on Max OSX 10.10.5), downloaded ADE 3, installed ADE 3, deleted the .acsm file from my Library (The Martian), then clicked the "The_Martian.acsm" file again to open it - this time in ADE 3 - and it transferred fine to my Nook and it opens as well, so I can read it now.
I hope this helps you!