I emailed technical support and received a prompt reply about the same issue.

They instructed me to turn it off and ontil i hear a 'clicik' and the valve inside turns off the water.

They explained the device had possibly been demagnetized during the course of it's shipping journey, and repeatedly turning it off and on will fix it.  I did have it in place at the faucet with the water turned on when i applied the fix and that's how i know it worked.