I can also confirm this issue. I am experiencing it on both SBS 2008 and a Server 2008 Standard Edition. Both servers are 64 bit editions and patched up-to-date with SP2 and all updates including July.
My ShadowProtect schedule on both servers looks like this:
Weekly schedule
Full backup on Sunday at 11:30
Incrementals from Monday - Saturday, every 240 minutes from 03:30 - 00:00
First the incrementals were scheduled to run every 120 minutes and I deemed this to be the cause of the event. So I increased the time frame to 240 minutes but that didn't help. The event isn't logged until the backups have been running for about a week. A reboot temporary "fixes" it (the event isn't logged again until the backups have been running for about a week after the reboot).
I am now updating both servers to ShadowProtect 3.4 to see if that will help.
Regards,
Sebastian
Jesus saves... and takes incremental backups.