I guess there are two questions first.

1. Did you install M4 and the Morphs++ correctly, such that they work fine the normal way, i.e without using ShaderWorks? (Search Google Search for: "Tutorial: how to activate and load Micheal 4 and Morphs++" for a setup guide).

2. I'm unfamiliar with the ShaderWorks Library Manager 2, but is it perhaps one of those scripts that for Poser 11 needs the 'AVfix' applied before running it?

Also, I found this advice for the same problem, on an old forum post where the problem remained un-solved by this possible fix...

"Are you using External Binary Morph in Poser? Check under General Preferences to see if this feature is activated. Untick that feature when you get a chance, it is not relevant if you have no intentions of developing content across Poser and DAZ platforms. It causes more problems than it is worth."

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