I just finished dealing with this error code on our HP M551dn printer.

The problem
had to do with the installed HP toner cartridges.

To solve this issue I needed to access the printer's error log. This can be done by
first inserting a USB flash drive into the printer's USB slot. (Our slot is a
component on the formatter board so it required sliding out the board in the back
with the network plug.) When everything is back together power on the printer and
keep pressing the "Cancel" button until the LCD shows the pre-boot menu. From there
select "3:Administrator", "B: System Triage", "1:Copy Logs", and "Accept/Download".
With the "Accept/Download" option checked, back all the way out to the first menu
and select "1:Continue". The printer will then write logs to the USB flash drive.

Remove the USB flash drive and bring it back to your own computer. You will
discover it has written a file called "HPLogs.zip" in an "HPLogs" folder. Open this
zip file and under "MachineData/log" you will find a file called "error.log". This
file can give you details on the real problem behind the "49.38.07 Error" message.
In my case it said:

<Entry Subsystem="HP.Common.Services.SystemMain.exe" SvcCode="49.38.07"

Code="4798471" Time="9/15/2014 10:39:11 AM" Timestamp="130552763518970000" Key="9"
Hidden="0" RepeatCount="0">
<Payload>
<Item Name="DIAGNOSTICS"><Payload><Debug><StackTrace>System.Exception:
SuppliesPercentLifeRemainingFeatureV1.GetEnginePercentLifeRemaining: SUPPLIES
ERROR: supplyName=MagentaCartridge1 raw PLR value from engine=-128 out of range.
at
HP.Mfp.HardwareServices.Print.SuppliesPercentLifeRemainingFeatureV1.GetEnginePercen
tLifeRemaining()
at
HP.Mfp.HardwareServices.Print.SuppliesPercentLifeRemainingFeatureV1.EvaluateConditi
onAndHandle(Boolean postNewStateIn)
at
HP.Mfp.HardwareServices.Print.SuppliesFeatureProcessorV2.EvaluateTheStateOfTheSuppl
y(SupplyInfoFamilyBase supplyInfoFamilyIn)
at
HP.Mfp.HardwareServices.Print.SuppliesFeatureProcessorV2.ProcessNewSupplyStatusFeat
ureProcessor(SupplyNameEnumeration supplyNameIn, Object
engineBasedSupplyStatusDetailIn, Boolean thisIsDataFromTheEngine)
at
HP.Mfp.HardwareServices.Print.SuppliesFeatureProcessorV2.ReceiveEngineBasedSupplySt
atusFeatureProcessor(SupplyNameEnumeration supplyNameIn, Object
engineBasedSupplyStatusDetailIn)
at
HP.Mfp.HardwareServices.Print.SuppliesFamilyV2.ProcessEngineBasedSupplyStatusQueue(
Object parameterIn)
at System.Threading.ThreadPool.WorkItem.doWork(Object o)
at System.Threading.Timer.ring()
</StackTrace></Debug></Payload></Item>
<Item Name="IssueSignature">0049380799A1E4560D42E94F490EBBDF7A0004B4</Item>
<Item Name="BootCycle">0000000B</Item>
</Payload>
</Entry>