When it happens to me ( Coldfire MCF51 and K60), one of two things is usually occuring.
1. I don't have the driver installed, which can be found in <your MQX path>usb\device\examples\cdc\virtual_com\inf
-or-
2. The device is booting up in BAM mode, which is a hardware driver that resides on some chips to allow firmware upgrading. I think the driver install can be found on this website somewhere, but I have never used it.
(This is usually the result of the hardware registers not being set correctly ).